Bitcoin Developer Labels XRP and Solana as ‘Obvious Scams’ in Reserve Debate

• Bitcoin developer Peter Todd claims that including XRP and Solana in a crypto reserve serves only to enrich centralized entities controlling the tokens.
• Todd argues that a Bitcoin-only reserve mirrors a gold reserve, ensuring financial stability without the risks of centralized manipulation.
• The reserve announcement led to a surge in altcoin prices but faced strong criticism from industry leaders, including Bitwise CEO Hunter Horsley.

The Canadian Bitcoin developer Peter Todd dismisses the inclusion of XRP and Solana (SOL) within the strategic cryptocurrency reserve because this selection seems purposefully aimed at enriching centralizing entities. The top Satoshi Nakamoto contender identified by HBO perceives the action as illegitimate because it primarily benefits controlling entities that regulate these tokens.

Bitcoin as Digital Gold

Todd asserts that a reserve composed solely of Bitcoin would resemble a traditional gold reserve, providing a stable and decentralized asset for financial security. “The Bitcoin part of it is just buying digital gold. Not much different than a strategic gold reserve,” he stated. His remarks reflect the ongoing divide between Bitcoin maximalists and proponents of alternative cryptocurrencies.

The reserve announcement initially drove a surge in token prices, with XRP and ADA experiencing double-digit gains. However, the move faced sharp criticism from industry leaders and analysts. Even Bitwise CEO Hunter Horsley questioned the inclusion of these altcoins, echoing concerns about their level of decentralization. Bitcoin supporters believe that a pure BTC reserve would better serve financial stability, avoiding assets they perceive as manipulated by centralized actors.

Historical Skepticism Toward XRP

Todd has spent multiple years critical of XRP after performing analysis of Ripple services for banking consortiums in 2015. His skepticism toward Ripple continues because he believes Ripple’s token has no genuine decentralization. During his 2018 interview he suggested that when Ripple admits XRP functions as a centralized system, its critics would encounter greater obstacles in their attempts to disprove it. The position he takes stands alongside other critics who doubt projects that make decentralization claims but control their network systems.

Multiple groups within the cryptocurrency sector face ongoing conflicts regarding whether alternative cryptocurrencies should become part of national strategic reserves. Bitcoin holds its position as the leading entity in decentralized finance but alternative digital assets continue building their user bases. According to Todd, the many crypto projects show signs that benefit project creators more than the wider crypto community.