Ripple (XPR) director: Bitcoin is speculative

September 28, 2021

While the legal contention between Ripple (XRP) and securities regulators of the United States rages on, a former United States Treasurer has commented on her perception of Ripple’s value compared to other cryptocurrencies.

Rosa Rios, the former Treasurer, served until 2016 while former President Barack Obama was in the White House. She joined the board of directors for Ripple in May of this year and holds confidence in the future of cryptocurrencies as part of the global economy. However, she has noted that she sees Ripple’s value in purpose and function while others (including Bitcoin) are driven by speculation:

Ripple director: China cracking down on BTC driving speculation

Rios’ argument is that authorities like China clamping down on Bitcoin-related activity indicates that the leading cryptocurrency offers nothing more than a speculation-driven asset. However, her comments are in contrast with other industry experts who see the Chinese crackdown as an indication that Bitcoin offers an asset that has genuine functionality that the Chinese government doesn’t want to address or look to regulate.

While Bitcoin and other cryptocurrencies are being adopted in some countries like El Salvador and Ukraine, others are still testing how to regulate the space. Rios might have noted that cryptocurrency “will underpin our future global financial systems”, but she expressed that Ripple stands as one of the only cryptocurrencies to use blockchain in a “legitimate” role to facilitate cross-country payments.

Ripple’s fall from the top

Meanwhile Ripple’s XRP, which once competed with Ethereum for the second leading cryptocurrency in terms of transaction volume, is now the 6th cryptocurrency. In the past twenty-four hours of trading, XRP has dropped by 3.8% to trade at $0.9286. This figure is over 75% less than when Ripple hit an all-time high back in the bull run of 2018.