Bitcoin maximalists are facing criticism for attacking former President Donald Trump over his stance on cryptocurrency. Pro-XRP lawyer Bill Morgan has called out Bitcoin supporters for their reaction to Trump’s proposal to include multiple digital assets, including XRP and Ethereum, in a strategic reserve.
Pro XRP Lawyer Bill Morgan Defends Trump’s Crypto Proposal
In a series of posts on X, Pro XRP lawyer Bill Morgan criticized Bitcoin maximalists for their strong opposition to Trump’s crypto stance. He accused them of being ungrateful despite Trump’s efforts to foster innovation in the digital asset space.
“For eight years or more, the crypto industry was under attack, and now there is finally the most powerful world leader fostering crypto and innovation and not attacking it,” Pro XRP lawyer Bill Morgan stated. He argued that instead of appreciating Trump’s support for digital assets, Bitcoin supporters were discrediting him for not favoring Bitcoin alone.
Morgan also responded to claims that Ripple creates XRP “out of thin air,” dismissing them as either dishonest or uninformed. He pointed out that XRP has a finite supply and its total number is gradually decreasing due to transaction fees. He also noted that Ripple’s escrow system controls the release of XRP and that Ripple’s holdings are steadily decreasing as more XRP is owned by the broader market.
Bitcoin Maximalists Reject XRP, SOL, ADA and ETH in Reserve Plans
Bitcoin maximalists, including veteran trader Peter Brandt and Gemini co-founder Tyler Winklevoss, have expressed strong opposition to Trump’s inclusion of Ethereum and XRP in a strategic reserve.
Brandt stated that Trump’s stance on digital assets had “greatly destroyed his credibility” in his view. He argued that Bitcoin was the only cryptocurrency that should be considered for such a reserve. Winklevoss echoed similar sentiments, saying that while he had nothing against XRP, Solana, or Cardano, he did not believe they met the standards required for a strategic reserve.
“Only one digital asset in the world right now meets the bar, and that digital asset is Bitcoin,” he stated.
Coinbase CEO Brian Armstrong also weighed in, stating that a reserve consisting only of Bitcoin would be the simplest option. However, he acknowledged that if variety were necessary, a market cap-weighted index could be an alternative.
Divided Reactions in the Crypto Community
The debate over Trump’s proposal has highlighted deep divisions within the crypto community. While some see his stance as a positive step for the industry, others remain firm in their belief that Bitcoin is the only asset suitable for a reserve.
Peter Schiff, a Bitcoin critic, acknowledged the logic behind a Bitcoin reserve but questioned why XRP should be included. “I get the rationale for a Bitcoin reserve. I don’t agree with it, but I get it,” Schiff said. “But what’s the rationale for an XRP reserve? Why the hell would we need that?”
Meanwhile, supporters of XRP argue that its utility and growing adoption make it a viable asset for inclusion. They believe that limiting the reserve to only Bitcoin would ignore other digital assets with unique use cases and growing market value.
This discussion on strategic reserves comes ahead of the White House Crypto Summit, scheduled for March 7. According to a report, the event will bring together industry leaders, investors, and policymakers to discuss the future of digital assets in the United States. Trump is expected to lead discussions on policies that could position the U.S. as a global leader in crypto innovation.
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