No XRP or SOL Will Be Bought by Government, Schiff Says

Financial commentator Peter Schiff has noted that the government will not be buying ETH, XRP, ADA, or SOL contrary to earlier expectations. 

“While it’s up for debate whether the government can buy more Bitcoin for the strategic reserve, the one thing the executive order makes clear is that the crypto stockpile will consist only of seized tokens, so no ETH, XRP, ADA, or SOL will be bought,” he said. 

Bitcoiners have heaped praise on the reserve initiative since it clearly separates the flagship cryptocurrency from other altcoins. 

The U.S. government will keep close to 200,000 BTC that it currently holds following multiple seizures while leaving the door open for future purchases that will likely require congressional approval. 

The altcoins will be kept within a separate “stockpile.” The government will not be purchasing additional tokens for this stockpile. 

As reported by U.Today, XRP, ADA, SOL, and ETH were supposed to be part of a “crypto reserve.” This announcement increased the prices of the tokens while attracting substantial backlash. 

However, it is not immediately clear how the government is going to acquire XRP tokens given that only forfeited tokens could be included in the stockpile. However, no XRP has been forfeited by the U.S. government. The same applies to SOL and ADA. 

However, the U.S. government does hold roughly $176 million worth of ETH and $27 million worth of BNB.

As reported by U.Today, Schiff harshly criticized the idea of introducing a Bitcoin reserve following the initial announcement, attracting some rare praise from Bitcoin maximalists.