- Ripple boss Brad Garlinghouse disagrees with the establishment of the US digital asset reserve with just Bitcoin; he claims this should be a representation of the industry.
- However, Garlinghouse’s remark has received massive criticism from some industry key players, including Pierre Rochard and Michael Goldstein.
In a previous article, we discussed the possible establishment of a US strategic Bitcoin reserve and its implications on the industry. According to that post, multiple experts, including the CEO of 10X Research, Markus Thielen, noted that this initiative would significantly diversify portfolios and reduce reliance on traditional assets. Meanwhile, Ripple CEO Brad Garlinghouse believes that asset inclusion could be reconsidered.
Garlinghouse Opinion on the Strategic Bitcoin Reserve
In his latest remark on the initiative, Garlinghouse pointed out that the crypto industry has always thrived on a common goal, henceforth, it is important to work in unity rather than “tearing each other down.”
Some thoughts on maximalism… let me say this as clearly as I can – the crypto industry has a real shot, here and now, to achieve the many goals we have in common IF we work together instead of tearing each other down. This is not, and never will be, a zero-sum game.
Explaining further, the Ripple boss dismissed his widespread Bitcoin propaganda rumors and disclosed his investment in multiple cryptos, including XRP, Bitcoin, Ethereum (ETH), etc.
Additionally, he believes that the current dispensation of the industry is the multichain era. He also pointed out his long-term advocacy for a level playing field rather than the “one token versus another” campaign. In this case, he suggests that the government digital asset reserve should be a representation of the industry instead of one token.
If a govt digital asset reserve is created – I believe it should be representative of the industry, not just one token (whether it be BTC, XRP or anything else). Maximalism remains the enemy of crypto progress, and I’m very glad to see fewer and fewer folks ascribe to this outdated and misinformed thinking.
Reactions to the Multi-Asset Reserve Proposal
Garlinghouse’s post attracted mixed reactions from the crypto community as industry key player Pierre Rochard launched a scathy attack on the native token of Ripple, XRP. According to Rochard, XRP does not solve any real problem, forcing banks to ignore its usage despite “a decade of begging and grifting.” Also, he labeled Ripple as a failed company that is constantly begging the government for a bailout.
Another person to meet Garlinghouse’s suggestion with serious aggression is the president of Satoshi Nakamoto Institute, Michael Goldstein. According to him, the Ripple boss appears betrayed by his actions as he spent millions on propaganda campaigns to “destroy Bitcoin and Bitcoin mining.”
The odds for the US strategic Bitcoin reserve establishment recently increased after the Banking Committee led by Republican Senator Tim Scott announced the creation of the first-ever crypto-focused sub-committee. As indicated in our earlier discussion, Senator Cynthia Lummis has been approved to Chair the subcommittee.
Meanwhile, popular prediction platform Polymarket has indicated that the odds for US President Donald Trump creating a strategic Bitcoin reserve in his first 100 days in office is just 18%.
This is 42% down from the previous odd, as noted in our earlier post.
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