Altcoins, Bitcoin (BTC), Cryptocurrency, Ethereum (ETH), News, Regulation, Ripple (XRP)

Former American Treasurer Calls Bitcoin And Ethereum Speculative

The 43rd Treasurer of the United States of America, Rosie Rios, unveiled his support for Ripple’s XRP recently and, in addition, implies that Ethereum and Bitcoin, by comparison, are just mere speculative assets.

Rosie Rios posted her thoughts on Twitter yesterday, mentioning that XRP has a huge role to play in inter-border payments, while there is no value proposition comparable for the current leading top cryptocurrencies.

The latest move of China mentioned in Rios’s tweet references the recent reminder from the country that trading cryptocurrencies are banned within its borders. This move is the last in the long list of FUD rising from the Chinese government on the basis that digital assets are allegedly used for money laundering.

For a few months now, Rosie Rios has supported XRP. She joined the board of directors of Ripple in May and called it the best example ever on using cryptocurrency in a legitimate and substantive role to facilitate payments across the globe.

She rained praises on the token for its credibility as compared with Bitcoin, which she joined the Chinese government to name “the currency of crime on the dark web.”

Dissecting the Claims of Rios

The recent tweet from Rios has garnered major attention from the internet, making it quite questionable in several ways. One of the ways this school of thought can be questioned is; it implies that Ethereum and Bitcoin (among other digital assets) only find their value in speculation, which is not always the case.

Currently, Bitcoin is being employed as an official currency in El Salvador, and for many individuals and major companies, it is serving as a digital store of value.

Also, Ethereum is serving the same purpose for major investors, including the author of the famed book; “Rich Dad, Poor Dad,” Robert Kiyosaki, and increasingly supports the development of the emergent non-fungible tokens industry and also the biggest part of the decentralized finance ecosystem.

Rosie Rios also, by his statement, implied that Ripple’s XRP is more special because of its capability to facilitate inter-border payments, which is not always the case in the crypto space. As a matter of fact, the implementations of Lightning Network of Bitcoin alongside its recent application by Twitter are conclusive proof that other cryptocurrencies can serve similar purposes.

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