Former US treasurer believes BTC and ETH are speculative, preferring XRP instead | News Sept 28
Former U.S. Treasurer Rosie Rios implies that BTC and ETH are highly speculative assets, but prefers XRP instead of saying it outperforms both, but is that true? Find out more in our latest Ripple news today.
Rosie Rios is the EX Treasurer in the US and recently spoke out in favor of XRP while hinting that BTC and ETH are highly speculative assets by comparison.
The former treasurer tweeted her opinion, stating that XRP has a role to play in facilitating cross-border payments, while top cryptocurrencies don’t have a comparable value proposition.
– Rosie Rios (@RosieRios) September 26, 2021
Rios’ mention of China’s recent regulatory move is a reminder of the country’s reminder that digital asset trading is banned in the country. This is the last in a long line of FUDs issued by the Chinese government based on the alleged use of cryptocurrencies primarily on money laundering, and this announcement naturally resulted in a temporary decline in the market. Rios has supported XRP for months and joins Ripple’s board of directors, naming it one of the best examples of how crypto can be used in a legal role to facilitate payments around the world. She praises it for its reliability compared to BTC, which she calls the dark web’s criminal currency.
Rio’s tweets got a lot of attention, but in some ways this is a questionable question. This includes the assumption that BTC and ETH found value in speculation, which is simply not the case. BTC is used as a currency and server as a digital store of value in El Salvador for most of the world’s major corporations. ETH serves the same purpose for other investors like Robert Kiyosaki, who supports the growth of the emerging NFT industry and DEFI ecosystem.
Rios implies that XRP is exceptional in its ability to facilitate cross-border payments, which is not the case in the crypto world. BTC’s Lightning Network implementation is just proof that it can serve multiple purposes.
As recently reported, the SEC chairman stated that regulation creates more confidence in the market, which is important if the market does not want to lose relevance over time. Gensler mainly focuses on trading platforms, as this is where most of the market activities take place. Gensler previously suggested that crypto platforms register with the Securities and Exchange Commission, which is scorned by investors who do not want government control over cryptocurrencies.
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