Analysts note a brewing feud between Bitcoin maximalists and XRP supporters after known Bitcoin advocates spread negative narratives against Ripple’s virtual token.
An executive at Ripple explained why the so-called Bitcoin maxis try to tear down XRP, saying that advocates of the firstborn crypto will not be in favor of a “level playing field” for cryptocurrencies.
What The Maxis Fear
Many members of the XRP may be perplexed by the negative narratives that Bitcoin maxis are spreading. Nonetheless, Ripple CTO David Schwartz doesn’t find it surprising, offering the rationale behind the vocal opposition that BTC advocates are throwing at XRP.
Schwartz said that the Bitcoin purists are attacking XRP because they don’t need to advertise an equal opportunity for cryptocurrencies, emphasizing that they’re against fair competition.
“We starting pushing for a level playing field where the federal government doesn’t play favorites. That was all the time what the maxis most feared,” the crypto executive explained in an X post.
We starting pushing for a level playing field where the federal government doesn’t play favorites. That was all the time what the maixs most feared.
— David “JoelKatz” Schwartz (@JoelKatz) January 25, 2025
Ripple has been advocating for the US government to adopt a national cryptocurrency reserve that doesn’t focus only on Bitcoin. The crypto firm urged the US government to incorporate other digital assets within the proposed reserve fairly than being Bitcoin-centric.
Total crypto market cap at $3.4 trillion on the day by day chart: TradingView.com
Is XRP A Scam?
Several known Bitcoin advocates are spreading negative narratives against XRP, aiming to devalue the crypto asset because Bitcoin maxis perceive that XRP is a threat to the flagship crypto.
Amongst those berating XRP are outstanding Bitcoin advocate Rajat Soni and Bitcoin supporter Robert Breedlove who labeled XRP as a scam, claiming that the crypto only tricked its investors.
“XRP is a psychological operation designed to trick retail investors into gifting away their money by leveraging a bot army to use retail investor ignorance of centralization vs decentralization, the character of cash, and counterparty risk. Don’t fall for the scam,” Breedlove said in an X post.
#XRP is a psychological operation designed to trick retail investors into gifting away their money by leveraging a bot army to use retail investor ignorance of centralization vs decentralization, the character of cash, and counterparty risk. Don’t fall for the scam.
— Robert Breedlove (@Breedlove) January 26, 2025
In his post, Breedlove even dissuaded a fellow crypto investor from getting XRP, saying, “It’s a foul idea to carry your savings in scam tokens.”
XRP is a scam.
Banks won’t ever use XRP.
They’ll use some type of USD backed by Bitcoin, or simply straight up Bitcoin.
Let me explain:
— Rajat Soni, CFA (@rajatsonifnance) January 17, 2025
A Threat To Bitcoin Reserve?
One other Bitcoin advocate, Pierre Rochard, who’s affiliated with the Bitcoin mining firm Riot Platforms, believes that XRP could threaten the creation of the American strategic Bitcoin reserve, a viewpoint agreed upon by Kraken’s Bitcoin historian, Pete Rizzo.
Ripple has been pushing to include other digital assets, not only Bitcoin, within the proposed crypto reserve. Ripple CEO Brad Garlinghouse explained that from a diversification standpoint, a reserve that features Bitcoin and other crypto assets is smart — a proposal that doesn’t sit well with the purists.
In a post, Rizzo accused the Ripple CEO of discouraging US President Donald Trump from buying Bitcoin.
Nonetheless, Garlinghouse downplayed the attacks, saying that Ripple’s advocacy goals at establishing a strategic cryptocurrency reserve that’s inclusive of all cryptocurrencies fairly than specializing in a single crypto.
Featured image from VOI, chart from TradingView