Michael Saylor Backpedaling? Bitcoin (BTC) Maximalist Seems to Have Endorsed XRP (XRP)

Strategy co-founder Michael Saylor, one of the staunchest advocates for Bitcoin maximalism, has seemingly endorsed the idea of a multi-token cryptocurrency reserve

Strategy co-founder Michael Saylor, a staunch advocate for Bitcoin maximalism, has seemingly endorsed the idea of a multi-token cryptocurrency reserve that includes XRP in a recent conversation with CNBC's Sara Eisen.

Saylor stated that such a development is "bullish" for Bitcoin and for the broader cryptocurrency industry.

The billionaire, who previously rejected the idea of investing in altcoins, said that he sees such a "progressive" approach as the best way to move forward.

"I believe that the best thing for the country is to move forward with an enlightening progressive policy toward digital assets," Saylor added.

Saylor’s comments come after the House Financial Services Committee approved a surprising amendment that would create a multi-token cryptocurrency reserve. The amendment, which was proposed by Rep. Bill Foster (D-CA), also directs the Treasury to issue a report on the macroeconomic impact of cryptocurrencies.

The surprising announcement of a multi-token reserve, which includes XRP, Cardano (ADA), and other tokens, has sparked backlash. Even some crypto-friendly voices of the likes of Variant CLO Jake Chervinsky slammed the initiative.

"This is a distraction from the real work that must be done on stablecoin and market structure legislation, among other big priorities," Chervinsky wrote.

Earlier this year, Saylor appeared on the Invest Like the Best podcast by Charles Munger's son, where he slammed the SEC for shutting down crypto firms.

Soldering on the Build Back Better agenda, Biden is focused on a broad range of issues, including climate change, racial justice, and economic inequality.

In 2022, Saylor said during a podcast appearance that it was "pretty obvious" that the Ripple (XRP) token was an unregistered security. He also urged the U.S. Securities and Exchange Commission (SEC) to shut down XRP and other altcoins.