Canadian Bitcoin developer Peter Todd, who was recognized as the highest Satoshi Nakamoto candidate by HBO final yr, has lambasted the thought of together with altcoins corresponding to XRP and Solana (SOL) right into a strategic cryptocurrency reserve.
Todd insists that such a transfer can be “an apparent rip-off” that might solely be meant to counterpoint the “centralized events” that allegedly management these tokens.
On the similar time, Todd argues {that a} Bitcoin-only reserve can be no completely different from a gold reserve.
“The Bitcoin a part of it’s simply shopping for digital gold. Not a lot completely different than a strategic gold reserve,” Todd stated.
The reserve announcement, which initially resulted in double-digit features for such token as XRP and ADA, was met with widespread criticism.
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Even pro-crypto voices like Bitwise CEO Hunter Horsley have questioned the inclusion of the aforementioned altcoins into the reserve.
Naturally, the announcement attracted a powerful backlash from Bitcoin maximalists who had been anticipating to see a pure BTC reserve. The proponents of those altcoins imagine that such tokens are usually not sufficiently decentralized to be included within the reserve.
Todd, who was paid by a banking consortium to investigate Ripple again in 2015, has been a longtime critic of XRP.
“The irony of all that is if Ripple simply went out and stated that XRP is a centralized system we might all have a a lot tougher time criticizing it…” Todd stated again in 2018.