Ex US Treasurer Rosie Rios implied that BTC and ETH are highly speculative assets but backed XRP instead saying it is superior to both of them but is this true? Let’s find out more in our latest ripple news today.
Rosie Rios is an EX US treasurer and recently she voiced her support for XRP while in the meantime, she implied that BTC and ETH are highly speculative assets by comparison. The former treasurer tweeted her opinion and stated that XRP has a role in facilitating cross-border payments while the top cryptocurrencies lack a comparable value proposition.
— Rosie Rios (@RosieRios) September 26, 2021
Rios’s mention of china’s latest regulatory crackdown referenced the country’s reminder that digital asset trading is banned in the country. This was the last in the long line of FUD that emerged from the Chinese government on the alleged basis that crypto is mainly used for money laundering and the announcement, of course, caused the markets to temporarily fall. Rios supported XRP for months and she joined Ripple’s Board of directors calling it one of the best examples of how to use crypto in a legitimate role to facilitate payments across the world. She praised it for its credibility in comparison to BTC which she called the currency of crime on the dark web.
Rio’s tweets garnered a lot of attention but this is questionable in a few ways. The includes suggesting that BTC and ETH found value in speculation which is simply not the case. BTC is being used as a currency in El Salvador and servers as a digital store of value for most major companies across the world. ETH is serving the same purpose for other investors like Robert Kiyosaki who supports the growth of the emergent NFT industry and the DEFI ecosystem.
BTCUSD. Source TradingView
Rios implies that XRP is special in the ability to facilitate cross-border payments which is not the case in the world of crypto. BTC’s implementation of the Lightning Network is only proof that it can serve plenty of purposes.
As recently reported, The SEC chairman explained that regulation will provide more trust in the market which is important if the markets don’t want to become less relevant over time. Gensler’s main focus is on trading platforms given that this is where most of the activities in teh market are carried out. Gensler suggested earlier that crypto platforms should register with teh Securities and Exchange Commission which was met with disdain from the investors that do not want government control over crypto.