Max Keiser, a prominent Bitcoin (BTC) advocate and advisor to the president of El Salvador, took to Twitter to once again bash Ripple (XRP) and Ethereum (ETH). 

The discussion centered around the contentious issue of cryptocurrency regulation, particularly concerning the fate of Ripple (XRP) and Ethereum (ETH) in the face of mounting pressure from the US Securities and Exchange Commission (SEC).

First: As I predicted, the Hinman letter would be a big dud. It’s meaningless https://t.co/0woW26kO77

Next: Any chatter (2013-15) about #Bitcoin from the SEC is meaningless. It’s beyond their reach. Gensler has said this and he’s right.

The SEC will go after *BOTH* ETH & XRP… https://t.co/oR97wNwVlW

— Max Keiser, sr. bitcoin advisor pres. Bukele (@maxkeiser) June 25, 2023

Max Keiser Said ETH and XRP May Not Make it Amid SEC Crackdown

Max Keiser, known for his bullish stance on Bitcoin, left no room for ambiguity as he made a bold statement, declaring that both XRP and every other cryptocurrency, except Bitcoin would succumb to regulatory pressure. 

He went as far as calling Bitcoin “untouchable” in the current regulatory climate. He maintains the SEC’s overreach may be evident, but it won’t hinder them from eliminating XRP and other so-called “shitcoins.”

Acknowledging the power and influence of money and clout in Wall Street and finance, Keiser noted that Ripple’s CEO, Brad Garlinghouse, has been pouring significant resources into sustaining what Keiser referred to as a Ponzi scheme. 

However, in Keiser’s view, Garlinghouse’s efforts will ultimately be fruitless as he won’t be able to outspend the Federal government and Jamie Dimon, CEO of JPMorgan Chase. Keiser firmly believes that it is not a matter of if, but when XRP will face a severe blow.

Keiser’s prediction drew the attention of John Deaton, a pro-crypto lawyer and legal representative of XRP holders, who challenged his grim outlook. Deaton pointed out that the SEC had previously labeled Bitcoin as a security, suggesting that the commission’s influence might be temporary. Deaton emphasized that software code itself should not be categorized as a security and argued for a level playing field where innovative technologies could flourish.

Nevertheless, Keiser remained resolute in his position, asserting that both ETH and XRP would meet the same fate. Brushing aside discussions about Bitcoin, he claimed that Gary Gensler, the current SEC chairman, would pursue Ether and XRP as unregistered securities. 

He Remains Bullish on Bitcoin (BTC)

While Keiser’s stance on Ripple (XRP) and Ethereum (ETH) faces opposition, his enthusiasm for Bitcoin remains unwavering. He sees Bitcoin as a lifeline for citizens in countries like Venezuela, where economic crises have led to the depreciation of local currencies. 

He believes that Bitcoin’s decentralized nature provides financial security and predicts that its value will reach $220,000 in July. He also argues that Bitcoin is superior to gold and anticipates it will soar to $2 million while gold remains stagnant below $2,000.

As the crypto community awaits the outcome of the SEC’s crackdown and the legal battles faced by Ripple and other cryptocurrencies, the fate of XRP and ETH hangs in the balance, with passionate advocates and critics voicing their opinions on the future of these digital assets.

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Filed under: News - @ June 26, 2023 10:36 am