Pierre Rochard, vice-president of Riot Platforms, recently accused Ripple Labs of being the main obstacle to the creation of a Bitcoin Strategic Reserve (BTC) in the United States. According to Rochard, Ripple is actively pressure for a multi-active reserve, including XRP, rather than a reserve exclusively in BTC.
Does Ripple hinder Bitcoin?
The debate was launched by Ripple's proposal to create a diversified strategic reserve of cryptocurrencies, supported by his CEO, Brad Garlinghouse. This proposal includes assets such as the USD Coin (USDC), Solana (Sol) and XRP, in addition to Bitcoin. Garlinghouse said that this approach would increase the chances of seeing a strategic reserve of cryptocurrencies materialize, including the BTC.
However, this initiative has been strongly criticized by the Crypto community, which believes that only a bitcoin reserve should be envisaged. Wayne Vaughan, a BTC defender, said that the inclusion of other cryptocurrencies would create costly political complications for the American administration. In addition, Ryan Selkis, CEO of Messari, criticized Ripple's political ties and its insistence on the inclusion of the XRP in the national reserve.
Rochard underlined that Ripple's efforts to promote a multi-active reserve are motivated by personal interests, rather than the well-being of American citizens. He also mentioned that Ripple is actively working on the development of digital central bank currencies (CBDC), which could only strengthen its position in the financial sector.
Is the BTC safer than other cryptos?
Ripple's proposal also aroused concern about the centralization and safety of cryptocurrencies. Bitcoin supporters argue that the BTC, as the first and larger cryptocurrency, offers higher security and decentralization compared to other digital assets.
Finally, Ripple's proposal to create a multi-active strategic reserve sparked an intense debate within the Crypto community. While Ripple defends a diverse approach, Bitcoin supporters insist on the need for a reserve exclusively in BTC, especially after the recent appointment of senator Cynthia Lummis at the head of the crypto sub-comity.
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