Crypto Chaos: XRP Joins the US Reserve Party, Bitcoin Fans Fume! 😂

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In a twist that could only be scripted by the most audacious of playwrights, President Donald Trump has proclaimed the establishment of US strategic reserves for Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA). The Bitcoin community, however, has erupted in a cacophony of discontent, aghast at the audacity of including altcoins in this hallowed reserve. Once more, the two factions find themselves embroiled in a debate that could rival the great philosophical discourses of yore, questioning the wisdom of including Ripple in the US crypto reserves, especially amidst the ongoing legal tempest surrounding it.

In the wake of this announcement, the markets have responded with a fervor reminiscent of a gold rush. Bitcoin has surged by a commendable 8%, while the likes of Ripple, Solana, and Cardano have seen their values skyrocket by an astonishing 25-60%. It seems the crypto gods have smiled upon the altcoins, much to the chagrin of the Bitcoin purists.

Is Bitcoin Enough, or Do We Need XRP’s Shenanigans?

Veteran voices from the crypto realm have raised their eyebrows at the notion of XRP reserves. The ever-eloquent Bitcoin skeptic and economist, Peter Schiff, has weighed in with his characteristic flair:

“I can grasp the logic behind a Bitcoin reserve. I may not agree with it, but I understand it. We have a gold reserve, and Bitcoin is the digital equivalent of gold—superior in every way. But what on earth is the justification for an XRP reserve? Why on God’s green earth would we need that?”

In a scathing address to the Trump administration, Schiff lamented: “America will never reclaim its greatness while we allow the creation of worthless crypto tokens, only to bribe officials into declaring them valuable and using taxpayer dollars to purchase them.” Ah, the sweet taste of sarcasm!

Charles Hoskinson, the founder of Cardano, swiftly countered Schiff’s tirade, asserting that “XRP is a marvel of technology, a global standard that has weathered a decade of storms, boasting one of the most resilient communities. The president’s decision is, in my view, a stroke of genius.” Genius, indeed, if one enjoys a good plot twist!

Bitcoin Loyalists Rally

Hunter Horsely, the CEO of Bitwise, echoed the sentiments of the Bitcoin loyalists, asserting that a reserve solely composed of Bitcoin would be the most prudent course of action, given its status as a digital store of value.

“While many crypto assets have their merits, we are not discussing a mere investment portfolio here—we are talking about a reserve, and BTC is the undisputed champion of value in this digital epoch,” Horsely proclaimed.

Coinbase CEO Brian Armstrong chimed in, suggesting, “Just Bitcoin would likely be the most straightforward option—simple and clear as the successor to gold. If variety is desired, perhaps a market cap-weighted index of crypto assets could keep things unbiased.” A noble thought, indeed, but who doesn’t love a good drama?

Defenders of the Ripple Faith

Pro-XRP attorney Bill Morgan has come forth to defend the community, emphasizing the necessity of including Ripple in the mix. JP Richardson, CEO of the crypto wallet Exodus, lamented that this was “terrible news” for the US, insisting that Americans need only a BTC reserve. To this, Morgan retorted:

“Does anyone even care about Exodus? Stick with your Bitcoin customers. The rest of us should steer clear of a business that harbors such disdain for the broader crypto landscape. Seriously, who would choose Exodus wallet with such a narrow-minded CEO?”

Moreover, other critics of Ripple have questioned the rationale behind the US government’s interest in a crypto reserve when the parent company holds sway over 50% of the total supply. Morgan, ever the provocateur, labeled this as an attempt to spread FUD, stating: “XRP in escrow is now down to 37.62%, and the circulating supply is 62.33%. Ripple controls a mere fraction of that. Stop the fabrications!”

Will the Ripple Lawsuit End Soon?

As President Trump heralds the inclusion of Ripple in the US strategic reserves, all eyes are now fixated on the impending resolution of the Ripple lawsuit with the U.S. Securities and Exchange Commission (SEC).

Attorney Jeremy Hogan has pointed out a significant factor delaying the conclusion of this legal saga—an injunction imposed by Judge Analisa Torres. Hogan noted that this injunction could impede Ripple Labs’ aspirations for a potential IPO.

He further elaborated that Ripple Labs’ attempts to persuade the court to lift the injunction are the primary reason for the protracted resolution. He anticipates that both parties may withdraw their appeals by April, clearing the path for a resolution by May. Ah, the sweet scent of impending closure!

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2025-03-03 08:25