• bitcoinBitcoin$101,649.084.49%
  • ethereumEthereum$2,887.732.68%
  • rippleXRP$2.728.07%
  • solanaSolana$216.948.71%
  • binancecoinBNB$616.401.17%

Garlinghouse Opposes Bitcoin-Only US Reserve

Garlinghouse Opposes Bitcoin-Only US Reserve

For a well-rounded digital asset reserve strategy in the US, Garlinghouse highlights the unity and variety of the cryptocurrency industry.

Instead of concentrating only on Bitcoin, Ripple CEO Brad Garlinghouse has argued for a US digital asset reserve that includes a variety of cryptocurrencies.

Garlinghouse proposed that a future US digital asset reserve should represent the diversity of the crypto ecosystem in a post on X (previously Twitter) on January 28. He maintained that limiting such a reserve to a single token would not adequately represent the industry’s broader context.

He composed:

“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).”

Garlinghouse’s position contradicts the rising advocacy for a Strategic Bitcoin Reserve, which many cryptocurrency proponents see as bolstering the US dollar and safeguarding domestic economic interests.

Mathew Sigel, head of research at VanEck, has supported the notion of a reserve devoted to Bitcoin, calling it “uniquely suitable for a government stockpile.” Sigel stated:

“A Bitcoin stockpile will help the entire space. No need to pick ‘American’ projects whose leaders only sell, never buy. Incentives for American Projects can still exist via the Tax Code.”

Garlinghouse, however, criticized the limited attention to Bitcoin, describing it as an antiquated viewpoint. He emphasized that the crypto industry must adopt a collaborative approach to accomplish shared objectives, stressing that advancement depends on cooperation rather than polarizing rivalry.

Furthermore, Garlinghouse said:

“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.”

Tensions in the industry prompts Garlinghouse remark

With allegations that Ripple has campaigned against creating a Bitcoin reserve, tensions between the XRP community and proponents of Bitcoin have risen, prompting Garlinghouse’s remark.

Critics claim that Ripple is pursuing its interests at the expense of industry unity. The CEO of Zap, Jack Mallers, stated:

“Ripple is undermining American prosperity, freedom, and Bitcoin. Ripple is actively lobbying to stop a Bitcoin Strategic Reserve in the U.S. while pushing their centralized, corporate-controlled token. “

In this discussion, Pierre Rochard, vice president of research at Bitcoin miner Riot, has been very outspoken. In response to Garlinghouse, he stated,

“Reserves and stockpiles should be strategic based on the needs of the nation aligning with specific properties of assets.

They shouldn’t be a DEI hodgepodge of random crypto ticker symbols shilled by industry lobbyists.”

Walker, a Bitcoin podcaster, also offered commentary on Garlinghouse’s claims.

“CEO OF SHITCOIN COMPANY WHO SPENT YEARS SPREADING DISINFORMATION ABOUT BITCOIN NOW WANTS US ALL TO BE FRIENDS, CALLS MAXIMALISTS THE ENEMY.”

However, as Garlinghouse explained, Ripple’s support encompasses all digital assets, including Bitcoin, and seeks to promote an inclusive and equitable regulatory environment.

Previous Article

Hedera Rally Stalls Despite $2.46M Spot Inflow Surge

Next Article

Metaplanet Aims to Raise $700M to Acquire Bitcoin