Emily Walker
There is a noticeable clash developing between Bitcoin proponents and supporters of XRP, as prominent advocates of Bitcoin begin to promote negative viewpoints about Ripple’s cryptocurrency.
A Ripple executive has shed light on the motivations behind the Bitcoin supporters’ disdain for XRP, suggesting they resist the idea of a balanced cryptocurrency environment.
Concerns of Bitcoin Maximalists
Many XRP supporters may be puzzled by the negative campaigns being waged by Bitcoin maximalists. Nevertheless, Ripple’s Chief Technology Officer, David Schwartz, offers an explanation for this backlash against XRP.
According to Schwartz, those who are deeply attached to Bitcoin are criticizing XRP because they do not favor equitable opportunities for all cryptocurrencies, highlighting their opposition to fair competition.
“We began advocating for a fair playing field where the government treats all cryptocurrencies equally. That concept has always been a significant concern for Bitcoin maximalists,” the crypto executive stated in a post on X.
We started pushing for a level playing field where the government doesn’t play favorites. That was always what the maxis most feared.
— David “JoelKatz” Schwartz (@JoelKatz) January 25, 2025
Ripple is advocating for the implementation of a national cryptocurrency reserve in the U.S. that encompasses a variety of digital assets, not just Bitcoin. The company has urged that the proposed reserve should be more inclusive rather than being centered on Bitcoin alone.
Allegations Against XRP
Several prominent advocates of Bitcoin have been communicating negative information regarding XRP in an effort to undermine the reputation of the cryptocurrency, viewing it as a competitor to Bitcoin.
This group includes notable figures like Rajat Soni and Robert Breedlove, who have openly branded XRP as a scam, suggesting it has deceived its investors.
“XRP operates as a psychological strategy that tricks retail investors into relinquishing their funds through a manipulation of their understanding of centralization and decentralization, along with the associated risks. Avoid falling victim to this scam,” Breedlove cautioned in a post on X.
#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
Breedlove further advised against investing in XRP, claiming, “It’s unwise to store your wealth in tokens that are scams.”
XRP is a scam.
Banks will never use XRP.
They will either opt for a USD variant backed by Bitcoin or directly use Bitcoin.
Let me clarify:
— Rajat Soni, CFA (@rajatsonifnance) January 17, 2025
Concerns Over Bitcoin Reserve
Another Bitcoin supporter, Pierre Rochard from Riot Platforms, argues that XRP could potentially endanger the establishment of a U.S. strategic Bitcoin reserve, a view echoed by Kraken’s Bitcoin historian, Pete Rizzo.
Ripple is pushing for a broader inclusion of various digital assets, not limited to Bitcoin, for the proposed cryptocurrency reserve. Ripple’s CEO, Brad Garlinghouse, pointed out that having a reserve that includes both Bitcoin and additional cryptocurrencies would provide better diversification, a suggestion that has met resistance from Bitcoin purists.
Rizzo, in his comments, even accused Garlinghouse of persuading U.S. President Donald Trump against investing in Bitcoin.
Garlinghouse, however, has brushed off the criticisms, asserting that Ripple’s efforts focus on creating a strategic reserve for all cryptocurrencies rather than favoring just one.
Featured image from VOI, chart from TradingView