Rosie Rios – 43rd Treasurer of the United States – recently voiced her support for XRP. Meanwhile, she implies that Bitcoin and Ethereum are merely speculative assets by comparison.
Rios back ripple
The former treasurer tweeted his thoughts yesterday, stating that XRP has a role to play in facilitating cross-border payments, when today’s major cryptocurrencies do not have a comparable value proposition.
Rios’s mention of “China’s latest move” references the country’s recent reminder that digital asset trading has been banned within their borders. It was the latest in a long line of FUDs emerging from the Chinese government, on the alleged basis that cryptocurrency is primarily used for money laundering. The announcement, like many before them, caused the crypto markets to temporarily fall.
Rios has supported XRP for months. She joined Ripple’s board of directors in May, calling it “one of the best examples of cryptocurrency being used in a substantial and legitimate role to facilitate payments on a global scale.” She has also praised it for its “credibility” in comparison to Bitcoin, which she– like the Chinese– called “the currency of crime on the dark web”.
Dissect Rios’ Statements
Rios’ recent tweet – which garnered a lot of attention – is questionable in several ways. This includes suggesting that Bitcoin and Ethereum (among other cryptocurrencies) only find value in speculation, which simply isn’t the case.
Bitcoin is now used as a currency in El Salvador and serves as a digital store of value for many large businesses and individuals.
Ethereum is serving the same purpose for other investors including Robert Kiyosaki, and largely supports the growth of the emergent NFT industry, as well as a large part of the entire DeFi ecosystem.
Rios also implies that XRP is special in its ability to facilitate cross-border payments, which is not the case in the cryptocurrency world. In fact, Bitcoin’s implementations of the Lightning Network alongside Twitter’s recent application of it are conclusive proof of others that can serve similar purposes.
