Trump Announces the Launch of the U.S. Crypto Reserve, Including Bitcoin (BTC), Ethereum (ETH), XRP, Cardano (ADA), and Solana (SOL)

Trump's announcement states that the reserve will include Bitcoin (BTC), Ethereum (ETH), XRP, Cardano (ADA), and Solana (SOL) — a selection that has drawn both praise and skepticism.

The cryptocurrency sector has been buzzing with reactions to former U.S. president Donald Trump’s plans for a national crypto reserve, an idea that has divided opinion among economists and industry figures.

Most crucially, Trump’s announcement stated that the reserve will include Bitcoin (BTC), Ethereum (ETH), XRP, Cardano (ADA), and Solana (SOL) — a selection that has drawn both praise and skepticism.

Among the most vocal critics is economist and gold advocate Peter Schiff, who has long dismissed cryptocurrencies. While acknowledging the logic behind Bitcoin’s inclusion—referring to it as “digital gold”—Schiff questioned why XRP was chosen.

“But what’s the rationale for an XRP reserve? Why the hell would we need that?” Schiff posted on X.

Among the worst presidents, Biden, is quickly being outdone by the worst candidate, Trump, in terms of economic policies. Biden at least had the good sense to keep Jerome Powell as Fed chair. But Trump is now suggesting that the U.S. create a crypto reserve.

— Peter Schiff (@PeterSchiff) October 27, 2024

However, in an unexpected twist, Cardano founder Charles Hoskinson defended XRP’s inclusion, despite a historically strained relationship with the XRP community. Hoskinson, who has frequently clashed with XRP supporters, surprised many by calling the token a global standard with robust technology.

“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,” said Hoskinson in response to Schiff.

That's interesting, as Charles has a history of slamming the XRP community and making fun of them. But in 2024, he’s been more open to discussing XRP.

Earlier this year, several members of the XRP community slammed Charles after he suggested that XRP should fall under commodity law.

Later in 2023, the tension grew hotter when Charles trashed the XRP community in a post that has since been removed. As expected, backlash followed from David Schwartz and other members of the XRP community.

Despite this, in early 2024, Charles reached out with an olive branch, and we saw a shift in his tone. Now, with his recent defense of XRP’s addition to the U.S. crypto reserve, their relationship seems to be mending.

Moreover, Mr. Huber accused Charles of previously ridiculing the XRP community and highlighted the irony of his recent support for the token.