Peter Chef, economic critic and Bitcoin critic for a long time, sparked controversy in the encryption space with his latest statements on the proposed American encryption reserve.
While admitting the logic behind it including Bitcoin, he strongly opposed the addition of XRP and other altcoins in the plan.
Chef: Why do we need XRP?
During the weekend, President Trump confirmed that his executive order on digital assets had issued instructions to the presidential work group to move forward with a national reserve for strategic encryption.
It is initially expected to include Bitcoin only, the advertisement that the market discovered out of guarding when it was revealed that Ethereum, XRP, Solana and Cardano will also be part of the reserve. This revelation raised an increase in the encryption market, as Bitcoin increased more than 10 %, while XRP and other greater gains.
Read more: Market turns red with fading noise for encryption in Trump
Chef, known for his preference for gold, acknowledged that Bitcoin position “digital gold” makes it a logical in government reserves. However, he asked about the necessity of holding XRP, on the pretext that its benefit does not justify its place in a national reserve alongside Bitcoin.
His doubts about the insertion of the original sparked hot discussions within the encryption community, where supporters refer to his role in global payments and institutional adoption.
Some industry experts retracted against Chef’s position, stressing that the efficiency of XRP in the cross -border transactions makes it a valuable advantage for financial institutions. They have argued that bitcoin and gold work as valuable stores, while XRP provides a practical solution to low -cost high -cost international payments.
Chef suggested that Trump’s announcement may have been an attempt to enhance the struggling encryption market. He indicated that Bitcoin was about to shrink great before the announcement helped to push prices up, which leads to speculation about the timing and intention of the news.
