Ripple CEO Brad Garlinghouse recently made a bold statement advocating for a US digital asset reserve that incorporates multiple cryptocurrencies, rather than focusing solely on Bitcoin. In a post on X (formerly Twitter) on Jan. 28, Garlinghouse argued that a future US digital asset reserve should reflect the diversity of the crypto ecosystem. He believes that restricting such a reserve to a single token would fail to capture the broader landscape of the industry.
Garlinghouse’s stance is in contrast with the growing support for a Strategic Bitcoin Reserve, which many crypto advocates see as a tool to strengthen the US dollar and protect national economic interests. VanEck’s head of research, Mathew Sigel, has backed the idea of a Bitcoin-focused reserve, describing Bitcoin as uniquely suitable for a government stockpile.
Despite this support for a Bitcoin reserve, Garlinghouse criticized the narrow focus on Bitcoin, calling it an outdated perspective. He stressed the need for a collaborative mindset within the crypto sector to achieve shared goals, emphasizing that progress relies on unity rather than divisive competition.
However, tensions between the XRP community and Bitcoin supporters have escalated, with claims that Ripple has lobbied against establishing a Bitcoin reserve. Critics accuse Ripple of undermining industry unity while pursuing its own interests. Jack Mallers, CEO of Zap, and Pierre Rochard, VP of Research at Bitcoin miner Riot, have been vocal in this debate, criticizing Ripple’s stance on the issue.
Bitcoin podcaster Walker also weighed in on Garlinghouse’s statements, expressing skepticism about Ripple’s sudden call for unity within the crypto industry.
Despite these criticisms, Garlinghouse has clarified that Ripple’s advocacy extends to all digital assets, including Bitcoin, and aims to foster a balanced and inclusive regulatory framework.
Overall, the debate over the composition of a US digital asset reserve reflects the broader tensions within the crypto industry. As the industry continues to evolve, finding common ground and working together towards shared goals will be crucial for its long-term success.