Financial pundit labels XRP ‘slave coin,’ rift grows between Ripple and Bitcoin communities
The post Financial pundit labels XRP ‘slave coin,’ rift grows between Ripple and Bitcoin communities appeared on BitcoinEthereumNews.com.
Bitcoin and financial pundit Rajat Soni has once more expressed disapproval of XRP by labeling it a “slave coin.” His statement came amid conversations regarding the application of XRP by organizations like banks for various financial purposes. Soni is worried about the link between XRP and Ripple – a company that works with governments and financial institutions on Central Bank Digital Currencies (CBDCs) projects known for granting banks more control over individuals’ finances and restricting financial freedom. Soni champions Bitcoin as a decentralized alternative to XRP and CBDCs XRP has been praised for its ability to speed up cross-border payments; however, critics like Soni caution that this could strengthen the control of centralized financial systems at the expense of other aspects. Soni believes Bitcoin is a choice that gives individuals the power to break free from the influence of big institutions and central banks. He has consistently argued that Bitcoin’s decentralized aspect makes it a preferable option for those looking for financial freedom. Soni’s latest remarks extend his longstanding criticism of XRP. The Bitcoin maximalist has previously described XRP as a “scam coin”. Soni argued that XRP stands little chance of adoption by financial institutions, asserting that banks will opt for Bitcoin over XRP. XRP is a scam. Banks will never use XRP. They will use some form of USD or #Bitcoin Let me explain: — Rajat Soni, CFA (@rajatsonifnance) December 18, 2023 In a statement, Soni said XRP’s value could be worthless if it is banned in the United States and highlighted its lack of widespread use worldwide as a concern. He advises people to be cautious about investing in XRP as their expectations of banks embracing it may not match the situation. The Bitcoin community echoes Soni’s XRP criticism Other prominent figures in the Bitcoin community have echoed…
Filed under: News - @ September 10, 2024 11:27 am