- Cardano founder Charles Hoskinson unexpectedly defended XRP’s inclusion in the U.S. strategic crypto reserve, countering Bitcoin critic Peter Schiff’s skepticism by praising XRP’s technology and resilience.
- This shift surprised the crypto community, given Hoskinson’s past conflicts with XRP supporters, but aligns with Ripple’s growing ties to the Trump administration.
The crypto world witnessed an unexpected turn of events when Cardano’s founder, Charles Hoskinson, defended the inclusion of XRP in the proposed US strategic crypto reserve. His stance came in response to renowned economist and Bitcoin critic Peter Schiff, who questioned XRP’s role in the reserve.
Schiff’s Skepticism Over XRP’s Role
On Sunday, March 2, former President Donald Trump confirmed that the United States would establish a strategic crypto reserve, with XRP among the selected assets. However, the announcement did not sit well with many critics, including Schiff.
Schiff, a longtime Bitcoin skeptic, acknowledged the rationale behind Bitcoin’s inclusion, labeling it as “digital gold.” However, he was baffled by XRP’s selection.
“I get the rationale for a Bitcoin reserve. I don’t agree with it, but I get it. We have a gold reserve. Bitcoin is digital gold, which is better than analog gold. So, let’s create a Bitcoin reserve, too. But what’s the rationale for an XRP reserve? Why the hell would we need that?” Schiff questioned.
Hoskinson Surprises the Crypto Community
In an unexpected move, Hoskinson, who has a history of feuding with the XRP community, came to its defense.
“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,” the Cardano founder stated.
Hoskinson’s endorsement left many in the crypto community stunned, especially given his past criticisms of XRP and its supporters.
A History of Tension Between Hoskinson and XRP
Hoskinson’s relationship with XRP supporters has been turbulent. In 2022, he argued that XRP should be classified as a commodity, a statement that led to backlash from the XRP Army. The situation escalated further in May 2023 when Hoskinson mocked XRP in a now-deleted post, prompting a sharp response from Ripple’s CTO, David Schwartz. Later that year, he labeled the XRP community “toxic and petty.”
However, things took a turn in early 2024 when Hoskinson extended an olive branch to the XRP Army, and surprisingly, they accepted it. His latest defense of XRP only adds to the evolving narrative of reconciliation.
Ripple’s Ties with the Trump Administration
XRP’s inclusion in the reserve aligns with Ripple’s ongoing engagements with the Trump administration. Since Trump’s election victory, Ripple CEO Brad Garlinghouse has engaged in multiple discussions with key players in Trump’s circle. Additionally, Hoskinson himself has joined Trump’s crypto policy team, suggesting a growing alignment between Cardano, Ripple, and the administration.
As speculation grows, some believe that the Securities and Exchange Commission (SEC) might ease its scrutiny of XRP, along with other major cryptocurrencies. However, whether XRP, Cardano’s ADA, or other altcoins will be removed from the SEC’s watchlist remains uncertain.
One thing is clear—Charles Hoskinson’s evolving stance on XRP has added another twist to the ever-dynamic world of crypto politics.
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