A notable XRP community pundit has pushed back at XRP critics, claiming that even the Bitcoin creator, Satoshi Nakamoto, called the project interesting.
The latest commentary came from Mickle, who recently challenged what he sees as contradictions in how some parts of the crypto space treat XRP. The market commentator highlighted several areas that point to this contradiction, especially when considering the criticisms from Bitcoin maximalists.
Did Satoshi Call XRP “Interesting”?
One of these areas was how he claimed Satoshi viewed XRP. According to Mickle, XRP is the only other crypto project Satoshi Nakamoto ever mentioned besides Bitcoin. He also suggested that the Bitcoin creator revealed he found XRP “interesting.”
While this is technically true, there is a need for further context. Notably, in 2009, Satoshi, responding to a question from software developer Mike Hearn, referred to “Ripple” as an interesting idea. He praised the project for its focus on decentralization.
However, during this conversation, neither XRP nor Ripple as a company existed. Specifically, Satoshi wasn’t talking about either of them. Instead, he referred to RipplePay, an early peer-to-peer credit system developed by Ryan Fugger in 2004.
Notably, the system let users issue IOUs without going through banks. While it came years before XRP and helped shape later developments, Satoshi’s interest was in the concept, not the current version of Ripple.
Interestingly, the original XRPL architects built the XRPL on this concept. As a result of this, some have suggested XRP is the crypto asset that comes closest to the original idea Satoshi had when he created Bitcoin.
“Banker’s Coin”
Mickle also took aim at the common label many use against XRP, calling it a “banker’s coin” in an effort to criticize its ties to banks. According to Mickle, this criticism is hypocritical once you look at how aggressively Bitcoin advocates also chase bank adoption.
Notably, banks in the U.S. and abroad are already entering the Bitcoin market, and Bitcoin proponents have championed these developments. For one, BNY now provides a platform that lets clients hold Bitcoin alongside traditional investments.
Moreover, State Street and JPMorgan are also offering custody, blockchain-based settlement, and crypto payment services. Even Citibank has partnered with blockchain firms to expand its crypto capabilities.
Internationally, SEBA Bank and Julius Baer in Switzerland, along with the UK’s BCB Group, now deliver full crypto support, including Bitcoin storage, trading, and settlement. These moves prove that traditional finance has embraced Bitcoin more than ever, yet somehow, Bitcoin maxis single XRP out for similar ties to the banking sector.
Corporate Control
Mickle also discussed claims that XRP suffers from too much corporate control. He called out the irony here too, noting that some Bitcoin proponents have encouraged users to rely on banks for Bitcoin custody rather than hold their own keys.
For context, at one point, Bitcoin advocate and Strategy Chairman Michael Saylor discouraged self-custody and said users should trust major banks instead. He brushed off concerns about government control and even compared them to fears during past gold confiscations. Saylor eventually changed his position after much backlash.
Moreover, corporate entities have continued to enter the Bitcoin market. Specifically, around 218 private and public firms now hold more than 1.25 million BTC, valued at close to $143 billion.
Mickle pointed out how XRP constantly gets picked apart while thousands of other crypto projects go unchallenged. According to him, the reason is that XRP threatens the status quo.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
