Ripple CTO Spills The Beans
Analysts note a brewing feud between Bitcoin maximalists and XRP supporters after known Bitcoin advocates spread negative narratives against Ripple’s virtual token.
An executive at Ripple explained why the so-called Bitcoin maxis are trying to rip down XRP, saying that advocates of the firstborn crypto are not in favor of a “level playing field” for cryptocurrencies.
What The Maxis Fear
Many members of the XRP might be perplexed by the negative narratives that Bitcoin maxis are spreading. However, Ripple CTO David Schwartz does not find it surprising, offering the reason behind the vocal opposition that BTC advocates are throwing at XRP.
Schwartz said that the Bitcoin purists are attacking XRP because they do not want to promote an equal opportunity for cryptocurrencies, emphasizing that they are against fair competition.
“We starting pushing for a level playing field where the government doesn’t play favorites. That was always what the maxis most feared,” the crypto executive explained in an X post.
We starting pushing for a level playing field where the government doesn’t play favorites. That was always what the maixs most feared.
— David “JoelKatz” Schwartz (@JoelKatz) January 25, 2025
Ripple has been advocating for the US government to adopt a national cryptocurrency reserve that does not focus only on Bitcoin. The crypto firm urged the US government to include other digital assets in the proposed reserve rather than being Bitcoin-centric.
Total crypto market cap at $3.4 trillion on the daily chart: TradingView.com
Is XRP A Scam?
Several known Bitcoin advocates are spreading negative narratives against XRP, aiming to devalue the crypto asset because Bitcoin maxis perceive that XRP is a threat to the flagship crypto.
Among those berating XRP are prominent Bitcoin advocate Rajat Soni and Bitcoin supporter Robert Breedlove who labeled XRP as a scam, claiming that the crypto only tricked its investors.
“XRP is a psychological operation designed to trick retail investors into giving away their money by leveraging a bot army to exploit retail investor ignorance of centralization vs decentralization, the nature of money, and counterparty risk. Don’t fall for the scam,” Breedlove said in an X post.
#XRP is a psychological operation designed to trick retail investors into giving away their money by leveraging a bot army to exploit retail investor ignorance of centralization vs decentralization, the nature of money, and counterparty risk. Don’t fall for the scam.
— Robert Breedlove (@Breedlove) January 26, 2025
In his post, Breedlove even dissuaded a fellow crypto investor from getting XRP, saying, “It’s a bad idea to hold your savings in scam tokens.”
XRP is a scam.
Banks will never use XRP.
They will use some form of USD backed by Bitcoin, or just straight up Bitcoin.
Let me explain:
— Rajat Soni, CFA (@rajatsonifnance) January 17, 2025
A Threat To Bitcoin Reserve?
Another Bitcoin advocate, Pierre Rochard, who is affiliated with the Bitcoin mining firm Riot Platforms, believes that XRP could threaten the creation of the American strategic Bitcoin reserve, a point of view agreed upon by Kraken’s Bitcoin historian, Pete Rizzo.
Ripple has been pushing to incorporate other digital assets, not only Bitcoin, in the proposed crypto reserve. Ripple CEO Brad Garlinghouse explained that from a diversification standpoint, a reserve that includes Bitcoin and other crypto assets makes sense — a proposal that does not sit well with the purists.
In a post, Rizzo accused the Ripple CEO of discouraging US President Donald Trump from buying Bitcoin.
However, Garlinghouse downplayed the attacks, saying that Ripple’s advocacy aims at establishing a strategic cryptocurrency reserve that is inclusive of all cryptocurrencies rather than focusing on a single crypto.
Featured image from VOI, chart from TradingView
