Analysts have observed a rising tension between staunch Bitcoin supporters and fans of XRP, following a series of negative remarks about Ripple’s digital currency from prominent Bitcoin advocates.
A Ripple executive shed light on why these Bitcoin maximalists are attempting to criticize XRP. According to the executive, supporters of Bitcoin are not keen on providing a fair platform for all cryptocurrencies.
The Underlying Fear
XRP enthusiasts might be puzzled by the disparaging stories emerging from Bitcoin loyalists. Yet, Ripple’s CTO, David Schwartz, isn’t fazed by these narratives. He offers an insight into why Bitcoin staunch supporters are vociferous in their disapproval of XRP.
Schwartz argues that the Bitcoin purists fear giving all cryptocurrencies a level playing field. He believes their opposition stems from wanting to squash fair competition.
“We have been advocating for a level playing field, one where the government isn’t partial to specific cryptocurrencies. That’s precisely what unnerves the maxis the most,” Schwartz articulated in a tweet.
Ripple has championed the cause of the U.S. government considering a national cryptocurrency reserve that includes more than just Bitcoin. The firm urged for a more inclusive approach with various digital assets in the reserve, rather than a Bitcoin-centric focus.
In the daily chart: Total crypto market cap stands at $3.4 trillion as seen on TradingView.com.
Is XRP Really a Scam?
Some Bitcoin advocates are vocal in their criticism of XRP, perceiving it as a challenge to Bitcoin’s dominance. Rajat Soni and Robert Breedlove, notable figures in the Bitcoin community, have labeled XRP as a scam meant to deceive investors.
“XRP is designed as a scheme to mislead retail investors, making them lose their money by exploiting their ignorance about centralization, decentralization, and the inherent risks,” Breedlove asserted on social media.
Breedlove was even seen warning fellow investors against holding XRP, dismissing it as unwise to store savings in what he termed “scam tokens.”
A Challenge to Bitcoin Reserves?
Pierre Rochard, another advocate entrenched in the Bitcoin mining world, concurs that XRP poses a potential threat to the proposed U.S. strategic Bitcoin reserve. This sentiment is echoed by Bitcoin historian Pete Rizzo from Kraken.
Ripple’s push to integrate a wider range of digital assets into the proposed crypto reserve, rather than just Bitcoin, seems to unsettle the purists. Ripple’s CEO, Brad Garlinghouse, justifies this approach by highlighting the benefits of diversification. He argues that a reserve comprising various cryptocurrencies is economically sound.
Yet, this wider net of inclusion is met with resistance. In a social media exchange, Rizzo even accused Garlinghouse of advising President Donald Trump against purchasing Bitcoin.
Though these accusations have surfaced, Garlinghouse emphasizes that Ripple’s goal is the establishment of a comprehensive cryptocurrency reserve, supporting the inclusion of many digital assets as opposed to maintaining a singular focus.
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