Michael Saylor Backs Multi-Token Cryptocurrency Reserve That Includes XRP

YEREVAN (CoinChapter.com) — Michael Saylor, co-founder of MicroStrategy, has unexpectedly supported a multi-token cryptocurrency reserve

"This is bullish for Bitcoin and crypto in general," said Michael Saylor, co-founder of MicroStrategy, regarding a multi-token cryptocurrency reserve that includes XRP, during an interview with CNBC’s Sara Eisen.

Saylor, recognized for his staunch Bitcoin maximalism, expressed support for the reserve in an unexpected turn. He highlighted the administration's progressive approach to digital assets as it navigates uncharted territory with a multi-token structure.

This statement contrasts with Saylor's earlier stance in 2022, where he called for the SEC to shut down XRP, deeming it an unregistered security. At the time, Saylor's focus was on Bitcoin maximalism, urging no attention be paid to altcoins.

"It seems like they're making a multi-token crypto reserve with 80% Bitcoin, 10% ether, 5% Cardano, 5% XRP, 5% stablecoins, and 5% multi-chain tokens," said Saylor.

However, this new strategy has drawn criticism from industry figures like Jake Chervinsky, Variant CLO, who highlighted the distraction from more pressing matters.

"This is a distraction from the real work that must be done on stablecoin and market structure legislation," Chervinsky noted.

Following the announcement, WonderFi, a leading Canadian crypto exchange, reported a 37% increase in XRP trading volume.

The exchange pointed out that the new narrative could lead to investors holding XRP in their portfolios alongside Bitcoin.

The surge in trading activity underscores the interest in XRP despite ongoing discussions regarding its regulatory status.

After the announcement, XRP's price surged to a multi-week high of $2.9, later dropping 14% to settle at $2.5 on TradingView.

The price movement indicates market uncertainty, with some traders securing profits and others awaiting further developments.

As discussions around the multi-token reserve continue, industry participants are keeping an eye on how institutions respond to Saylor's position on XRP.

Earlier this week, Ripple released 1 billion XRP tokens from escrow following the confirmation of XRP as part of a U.S. multi-token cryptocurrency reserve.

Data from Whale Alert revealed the transfer of 500 million tokens from an unknown wallet, while another 500 million remained in escrow.

Ripple follows a monthly release schedule set in 2017, with its Q4 report confirming that the company holds over 38 billion XRP tokens and 4.5 billion in direct reserves.