Renowned Economist Peter Schiff Questioned the Inclusion of XRP

Renowned economist Peter Schiff questioned the inclusion of XRP

Renowned economist Peter Schiff expressed confusion over the inclusion of Ripple’s XRP in the cryptocurrency reserve announced by President Donald Trump on Sunday while acknowledging the rationale behind including Bitcoin.

What Happened: Schiff stated on X that, while he doesn't agree, he understands that Bitcoin’s inclusion arose from a “digital gold” narrative. "I get the rationale for a Bitcoin reserve. I don't agree with it, but I get it," he said.

"But what’s the rationale for an XRP reserve? Why the hell would we need that?" Schiff slammed XRP's inclusion.

In response, Charles Hoskinson, co-founder of Cardano, the other altcoin included in the strategic reserve, stated that XRP is a “great” technology and a global standard, having one of the strongest communities.

"I think the president made the right decision," Hoskinson said.

Because XRP is great technology, a global standard, survived for a decade through many harsh cycles, and has one of the strongest communities. I think the president made the right decision

— Charles Hoskinson (@chainalysis) August 20, 2024

Schiff, one of the staunchest critics of the world’s leading cryptocurrency, further argued that Bitcoin was on the brink of a "sharp selloff" and that Trump was brought in to rescue the cryptocurrency with a "bailout post."

Someone got Trump to do a follow up post to include Bitcoin and Ether in the Strategic Reserve. Why leave out $Trump coin? This is all BS. Bitcoin was on the verge of another sharp selloff. So Trump's was brought in to rescue crypto with a bailout post.

— Peter Schiff (@Schiff) August 20, 24

Schiff's remarks follow Trump's big announcement that Bitcoin would be at the "heart" of a U.S. strategic cryptocurrency reserve, along with other coins such as Ethereum, XRP, Cardano and Solana.

Interestingly, just last week, Schiff suggested in a cheeky post that only a strategic Bitcoin reserve announced by Trump could halt the market downturn.

He also said that Bitcoin's surge past $100,000 was a "repayment" from Trump to his cryptocurrency-supporting base.

See More: Best Cryptocurrency Scanners

Price Action: At the time of writing, Bitcoin was exchanging hands at $93,045.77, up 7.57% in the last 24 hours, according to data from Benzinga Pro.