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Dogecoin ETF Will Send DOGE Price to $15: Analyst

Okoya David
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Dogecoin ETF Will Send DOGE Price to $15: Analyst

Prominent crypto analyst Ali Martinez asserts that a Dogecoin ETF will send DOGE price to double-digit price levels.

Amid a joint filing from REX Advisers and Osprey Funds and moves from Bitwise, the crypto space is rife with speculation of a potential Dogecoin (DOGE) exchange-traded fund launch and the possible implications for the meme coin’s price. In particular, one analyst has suggested that a traditional investment wrapper for the doggy-themed meme coin will send its price to double digits.

Dogecoin (DOGE) to $15?

Prominent crypto analyst Ali Martinez has asserted that an ETF will send Dogecoin (DOGE) to double-digit price levels.

In a recent X post, the analyst asserted that a DOGE ETF would push the price to a staggering $15 from about $0.36 at the time of writing. He supported this view with an analysis of the meme coin’s weekly candle chart, which he has often highlighted in recent weeks.

DOGEUSD weekly candle chart showing ascending channel formation
DOGEUSD weekly candle chart showing ascending channel formation. Source: Ali Martinez

The chart suggests that DOGE has been trading within an ascending channel since at least 2017 and is again moving from the lows of this channel with a $15 price target. Martinez’s statement indicates that he believes an ETF will be the catalyst the meme coin needs to hit this mouth-watering target.

However, reaching this price target will require the meme coin to claim a market cap of $2.2 trillion, about 41 times its current valuation of $53.2 billion. For context, that is currently more than Bitcoin’s market capitalization.

Still, Martinez has maintained that market cap does not matter in crypto, citing the fact that XRP ($183 billion) has a larger market cap than $12 trillion asset manager BlackRock ($158 billion).

Meanwhile, a DOGE ETF may only rake in between $1.6 billion and $3.2 billion in its first year based on a recent JPMorgan analysis of the uptake of Bitcoin and Ethereum ETFs, suggesting a 3% to 6% market cap penetration.

SEC Scraps Crypto Accounting Rule SAB 121 Following Gary Gensler’s Exit

Lele Jima
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SEC Scraps Crypto Accounting Rule SAB 121 Following Gary Gensler’s Exit

The United States Securities and Exchange Commission (SEC) has canceled the controversial Staff Accounting Bulletin 121 (SAB 121).

In an interesting development, the SEC issued a new Staff Accounting Bulletin yesterday, SAB 122. This latest bulletin rescinds the guidance in Topic 5.FF related to accounting for obligations to safeguard crypto-assets held for platform users—a key element of SAB 121.

For context, SAB 121 required financial institutions holding crypto-assets on behalf of their customers to declare these assets as liabilities on their balance sheets.

Industry Reactions to SAB 121 Repeal 

Expectedly, policymakers and crypto enthusiasts have reacted to the cancellation of SAB 121.  

French Hill, Chairman of the House Financial Service Committee, expressed excitement that the SAB 121 rule has been rescinded. According to him, holding reserves against digital assets held in custody is not a standard financial practice. 

He commended the new SEC leadership for rescinding the rule and supporting digital assets and innovation in the U.S. 

SEC Commissioner Hester Peirce, popularly known as Crypto Mom, celebrated the repeal. She bid the rule farewell, noting that the measure ‘has not been fun.’ 

Meanwhile, Attorney John Deaton, a former U.S. senate candidate, suggested that Peirce’s comment reflects a rejection of former SEC Chair Gary Gensler’s approach to crypto. He suggested that her comment is similar to directing the figurative middle finger to Gensler. 

Furthermore, Senator Cynthia Lummis, the chair of the Senate Banking Digital Asset Subcommittee, also celebrated the SEC’s decision to repeal SAB 121. She labeled the rule a disaster for the banking industry, emphasizing that it had a negative impact on U.S. innovation.  

Controversies Surrounding SAB 121 

Since the SEC introduced the rule in March 2022, SAB 121 has been the subject of controversy. Crypto enthusiasts and U.S. lawmakers opposed the measure, emphasizing that it would hinder innovation in the industry and make crypto custody difficult. 

Last year, lawmakers voted against SAB 121 to repeal the measure. Despite this effort, former U.S. President Joe Biden vetoed the action on June 1, 2024. Attempts to override Biden’s veto ended in futility, as the move did not receive the necessary support from lawmakers. 

The repeal came just days after Gensler resigned from the SEC, prompting President Trump to appoint Mark Uyeda as acting chair. Since his appointment, Uyeda has been making big moves related to crypto. 

Earlier this week, he launched a crypto task force to develop a regulatory framework for digital assets. His goal is to change the commission’s enforcement-driven approach to crypto and establish clear and fair rules for the industry. 

Bitcoin Unfazed Despite Bank of Japan’s Rate Hike and Hawkish Stance: Here’s Why

Okoya David
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Bitcoin Unfazed Despite Bank of Japan’s Rate Hike and Hawkish Stance: Here’s Why

Bitcoin and the broader crypto market show no signs of panic despite the Bank of Japan’s (BoJ) recent decision to deliver another rate hike.

The Bitcoin bull market has had many scares in the past year, but few stoked as much panic as speculation over the end of the yen carry trade in August 2024 as the Bank of Japan increased interest rates for the second time in 17 years.

For context, at the time, Bitcoin fell 14%, while most altcoins averaged over 20% drops. This historical context makes it hard to blame crypto market participants for panicking ahead of another BoJ rate hike. However, the rate hike has now come and gone without so much as a stutter from Bitcoin and the broader crypto market, begging the question of why.

Par for the Course?

Notably, on Friday, January 25, the Bank of Japan raised interest rates by another 25 basis points to bring the benchmark to 50 basis points, the highest level since 2008.

The BoJ cited sustained inflation and growing wages as reasons for its decision. What’s more, the BoJ has also signaled the possibility of further rate hikes if economic activity continues to rise as expected.

Despite this hawkish stance from Japan’s apex bank, crypto assets appear to be trading slightly higher on the day.

Bitcoin is trading near the $105,000 price point, representing a 2.4% uptick in the past 24 hours, per CoinMarketCap data at the time of writing. Ethereum, XRP, and Solana are also posting 5.5%, 1.4%, and 5.5% gains, respectively.

The market reaction comes as analysts assert that the market had anticipated the BoJ’s 25 bps rate hike. Amit Kukreja is among the market commentators who have shared this view.

“Japan raising rates is not a big deal,” he wrote on Friday, adding, “Yen Short float peaked in July as per CFTC data, everyone knew Japan would hike rates again and began deleveraging.”

By short float, Kukreja refers to the number of yen short positions investors have open as a result of the carry trade. The carry trade is a long-running investment strategy in which investors borrow cheap capital from Japan to invest in high-yield equities in the U.S. and Europe.

However, higher yen borrowing rates have meant that this capital is no longer cheap to borrow, requiring investors to adjust their positions. In August 2024, these adjustments came at a rapid pace as investors were surprised by Japan’s rate hike decision, leading to the resulting market crash.

After scaling the BoJ’s interest rate hike, all eyes are now on next week’s U.S. Federal Open Market Committee meeting. Crypto market investors hope the Fed will take a more dovish tone as December 2024’s core inflation data hinted at cooling inflation.

Expert Says XRP Under Consideration in US Strategic Crypto Reserve, Cites “Reliable Channels”

Abdulkarim Abdulwahab
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Expert Says XRP Under Consideration in US Strategic Crypto Reserve, Cites “Reliable Channels”

XRP is emerging as a potential crypto asset for the proposed U.S. crypto reserve following President Donald Trump’s recent executive order.

On Thursday, Trump signed the long-awaited order to create a Presidential Working Group on Digital Asset Markets. The group, led by venture capitalist David Sacks (the White House’s crypto czar), includes key financial leaders and will advise Trump on crypto policy.

Notably, the order directs the group to consider a “strategic national digital assets stockpile.” However, it does not specify any particular cryptocurrencies, leaving room for speculation about which assets could be included alongside Bitcoin, which is already favored.

Commenting on the new order, Senator Cynthia Lummis, a key advocate for U.S. Bitcoin holdings, reiterated her optimism: 

“I told you this was the year for Bitcoin and digital assets,” suggesting a development that favors other crypto assets alongside Bitcoin.

XRP Under Consideration Alongside Bitcoin

Interestingly, mentions of XRP are leading discussions in the crypto community as a likely candidate in the upcoming crypto reserve.

In a tweet, Scott Melker, the host of “The Wolf Of All Streets” podcast with over 1 million followers, remarked that he had heard from “reliable channels” that the strategic stockpile under consideration includes Bitcoin and XRP.

“Not a joke. We will see,” he added.

Notably, a major factor supporting XRP’s case is its American origin. As reported earlier, sources suggest President Trump favors an American-first crypto reserve, supporting crypto assets by American founders like XRP, Cardano, and Solana.

The absence of any specific mention of Bitcoin, but the broader reference to “digital assets” in the order signed by President Trump, gives further credence to this speculation.

With XRP standing as a crypto asset with legal clarity from the court, the XRP Army believes even more strongly in XRP’s inclusion in the upcoming U.S. crypto reserve.

Ripple CEO Advocates for Reserve with Other Assets Like XRP

Moreover, Ripple CEO Brad Garlinghouse advocates for a U.S. crypto reserve that includes not only Bitcoin but other crypto technologies. He argues that this would make sense from a diversification standpoint.

Meanwhile, this optimism has raised eyebrows among critics, particularly within the Bitcoin community.

Pierre Rochard, VP of Research at Riot Platforms, a Bitcoin mining firm, argues that the biggest obstacle to the proposed Strategic Bitcoin Reserve (SBR) is not the Federal Reserve or political critics like Elizabeth Warren.

According to Rochard, it’s Ripple and XRP. He claims that Ripple is aggressively “lobbying against” the SBR by funneling millions of dollars to politicians to derail the initiative. He alleged that Ripple aims to protect their marketing narrative and push for central bank digital currencies on its platform. 

It is worth noting that the order signed by Trump nullifies any efforts to establish or promote CBDCs in the U.S.

Meanwhile, Ripple CEO Brad Garlinghouse has countered Rochard’s claims. He stated critics like him may be overlooking the core principles of Trump’s campaign, which strongly supported American companies and technologies. 

Garlinghouse argues that, contrary to these claims, Ripple’s efforts are actually increasing the likelihood of a crypto strategic reserve that includes Bitcoin.

David Sacks Praises Trump Crypto Executive Order, Outlines Vision for Clear Rules to Boost Industry Growth

Albert Brown
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David Sacks Praises Trump Crypto Executive Order, Outlines Vision for Clear Rules to Boost Industry Growth

The new crypto czar, David Sacks, has praised President Donald Trump’s executive order on crypto during an interview with Fox Business.

The order aims to clarify regulations, define digital assets, and strengthen the dollar’s dominance through stablecoins. According to Sacks, the newly formed Digital Assets Working Group will oversee regulatory development. 

It will classify digital assets into categories such as securities, commodities, and collectibles. The administration also seeks to expand stablecoin use, believing it could drive demand for U.S. Treasuries. Sacks argued that this strategy could support national debt and reduce long-term interest rates.

Sacks emphasized that the industry needs clear guidelines, stating that businesses are ready to comply if rules are transparent. He contrasted this approach with Biden’s administration, which he claimed used enforcement without clear regulations.

Sacks criticized the administration for a lack of clear rules, which he argued pushed innovation offshore.

Stablecoins and the U.S. Dollar’s Digital Future

Notably, the new administration views stablecoins as a better alternative to central bank digital currencies (CBDCs). Sacks described CBDCs as a potential threat to freedom and liberty.

Instead, the administration wants to strengthen the dollar’s global role through stablecoins. Trump previously stated that his administration would retain all Bitcoin holdings acquired by the U.S. government.

While the administration has not yet committed to a national Bitcoin reserve, it remains under consideration. Sacks said;

“Yeah, we’re going to evaluate that. We have not decided to do it yet. We need to study that.”

Bitcoin briefly surged on the news before falling back as traders reassessed the impact. 

Furthermore, Sacks views the controversial Trump Coin as a collectible item, similar to a baseball card, rather than a financial instrument. He has expressed no concern over potential conflicts of interest arising from the former president’s involvement in its launch.

New Leadership and Regulatory Shift

It is also important to note that Trump has appointed key figures aligned with a pro-crypto stance. Former SEC commissioner Paul Atkins will lead the Securities and Exchange Commission, replacing Gary Gensler.

Currently, the SEC is run by the acting chairman, Mark Uyeda, a known crypto advocate. Under this new leadership, the SEC introduced a dedicated crypto task force under Commissioner Hester Peirce.

Peirce, a long-time industry advocate, supports policies that encourage technological growth rather than restrict it.

At the Treasury Department, Trump selected hedge fund manager Scott Bessent. He attended the Crypto Ball in Washington alongside lawmakers and industry leaders. His appointment signals a broader effort to position the U.S. as a leader in digital assets.

Here’s Dogecoin Price if Shiba Inu Market Cap Hits $1T

Abdulkarim Abdulwahab
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0
Here’s Dogecoin Price if Shiba Inu Market Cap Hits $1T

The price of Dogecoin could soar by over 7,500% in the hypothetical scenario where Shiba Inu attains a trillion-dollar market cap.

Recently, there have been discussions about meme coins reaching $1 trillion valuations in the crypto community. Shiba Inu and Dogecoin have been at the forefront of these conversations, given that they are the most prominent crypto assets in the meme coin sector.

Remarkably, even Shiba Inu’s lead developer, Shytoshi Kusama, has recently argued that SHIB could attain a $1 trillion market cap. In his view, this development would surprise doubters and critics.

In light of this ambition, The Crypto Basic assesses the potential market price of Dogecoin should its closest rival, Shiba Inu, break the $1 trillion cap.

Shiba Inu Price with a $1T Market Cap

Notably, Shiba Inu currently has a market cap of $13 billion, corresponding to a unit price of $0.000022. To reach $1 trillion, its market price would need to increase by approximately 7,592%. Specifically, this $1 trillion market cap would correspond to a unit price of $0.001698 for Shiba Inu.

If Shiba Inu could reach this lofty height, what would be the state of its senior rival, Dogecoin?

Dogecoin Price if Shiba Inu Market Cap Hits $1T

To estimate Dogecoin’s market cap if SHIB’s market cap reaches $1 trillion, we can assume a proportional relationship between Dogecoin and SHIB. This means that if SHIB’s market cap grows by a certain factor, Dogecoin’s market cap would also change proportionally.

Notably, Dogecoin currently boasts a market cap of $52 billion, trading at $0.35. With SHIB’s market cap at $12 billion, Dogecoin is more than four times larger than Shiba Inu.

Should the price of SHIB increase by 7,592% to reach a $1 trillion market cap, a similar surge would drive Dogecoin’s valuation from $58 billion to $4.46 trillion. With a circulating supply of 147.68 billion, a $4.46 trillion market cap would elevate Dogecoin’s price to $30.18.

When Can SHIB and DOGE Reach a Trillion-Dollar Cap?

Interestingly, numerous market commentators have argued that Dogecoin could reach $30 in this current cycle. Some have even issued a bold five-month timeline. Those voicing this ambitious outlook often rely on Dogecoin’s historical performance during the last two bull seasons.

However, analysts at Telegaon argue that reaching a $30 price with a $4.5 trillion market cap will take ten years to materialize.

Meanwhile, arguments for Shiba Inu reaching a $1 trillion market cap this season are rare. Analysts mostly argue for a $100 billion cap in the current cycle.

However, Telegaon analysts also predict it would take Shiba Inu ten years to reach the $0.00169 price that would necessitate a $1 trillion market cap.

Trump Bans CBDC Creation and Mandates Evaluation of Digital Asset Stockpile in Crypto Executive Order

Lele Jima
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Trump Bans CBDC Creation and Mandates Evaluation of Digital Asset Stockpile in Crypto Executive Order

Donald Trump, the 47th President of the United States, has signed an executive order to potentially establish a national digital asset stockpile. 

The order signed yesterday emphasizes the importance of blockchain and digital assets for U.S. innovation and economic development. 

The development aligns with Trump’s campaign promises, in which he declared plans to make America the Crypto Capital of the world. 

Creation of Presidential Working Group for Digital Assets 

Per the order, President Trump mandated the creation of a Presidential Working Group that would focus on ‘Digital Asset Markets.’ This group will develop a federal regulatory framework governing digital assets like stablecoins. It will also evaluate the pros and cons of creating a national digital asset stockpile featuring coins like Bitcoin (BTC). 

According to the order, David Sacks, the White House AI and Crypto Czar, will chair this group. The group will also include heads of top federal agencies, including the SEC, CFTC, and Treasury Secretary.

Other agencies included in the group are the Secretary of Commerce, the Attorney General, the Director of Management and Budget, the Assistant to the President for National Economic Policy, the Assistant to the President for National Security Affairs, the Homeland Security Advisor, the Secretary of Homeland Security, and the Assistant to the President for Science and Technology. 

Timeline for Action 

Under the executive order, all federal agencies and top officials included in the group must identify relevant regulations affecting digital assets within 30 days of the executive order date. 

These entities must submit recommendations regarding whether the identified regulation should be modified or revoked within 60 days. 

Afterward, the working group will submit a comprehensive report with legislative and regulatory proposals for digital assets within 180 days of the executive order’s date. The Assistant for National Economic Policy will submit this report to the President. 

CBDC Ban 

Interestingly, the order also prohibits any effort to create or promote central bank digital currency (CBDC). Trump had spoken against CBDC during his campaign, noting that it threatens financial privacy. 

Now, he has issued an executive order to ban the creation of CBDCs in the U.S. The President warned that any plans or efforts to create CBDCs within the U.S. should be terminated. 

Trump Revokes Biden’s Crypto Executive Order 

Notably, the newly issued executive order revoked previous policies believed to be stifling the growth of cryptos, including the Biden Administration Executive Order 14067, signed on March 9, 2022. Furthermore, the order also directed the Treasury Secretary to revoke the department’s framework for international engagement on digital assets. 

Bitcoin Strategic Reserve 

Meanwhile, Trump did not order the immediate creation of a Strategic Bitcoin Reserve (SBR) as many expected. Although he promised to establish a national Bitcoin stockpile during his campaign, the new executive order mandates the Working Group to evaluate the creation or maintenance of this digital asset reserve. 

If the Working Group proposes creating a digital asset reserve, the Trump Administration plans to use assets seized by law enforcement agencies for this purpose. Notably, the executive order did not mention the name of any digital asset that will be featured in the reserve. 

However, industry stakeholders believe the national reserve will feature multiple crypto assets, ranging from Bitcoin to XRP. 

Bitcoin ETFs See Nearly $4B in 6 Days Inflow Streak as Volumes Hit Record Levels: New BTC ATH Incoming?

Okoya David
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0

Amid the anticipation of Donald Trump’s inauguration last week and the flurry of activity that followed this week, U.S. spot Bitcoin ETFs have recorded a six-day inflow streak.

With President Donald Trump’s meme coin launch and recent executive orders to look into creating a national crypto stockpile, the crypto space has been awash with activity over the past week, allowing some key metrics to fly under the radar. For one, Bitcoin exchange-traded funds have had an incredible run over the last six days, culminating in record volumes in the past 24 hours.

Bitcoin ETFs Gobble up Nearly $4B, Volumes Break $10B

Specifically, these investment vehicles have raked in $3.7 billion in net inflows in the six trading days between January 15 and January 24, per SoSoValue data. This data includes the over $1 billion in net inflows recorded on Friday, January 17, and the over $800 million from Tuesday, January 21.

SoSoValue chart showing Bitcoin ETF net inflows between January 15 and January 24
Chart showing Bitcoin ETF net inflows between January 15 and January 24. Source: SoSoValue

Reacting to data on Friday, January 24, ETF Store President Nate Geraci described the $3.7 billion figure as “ridiculous.”

Meanwhile, culminating this run, these ETFs traded over $10 billion in volumes for the first time since March 2024 on Thursday, January 23, per CoinGlass data.

New All-Time High Incoming?

The last time Bitcoin ETF volumes crossed $10 billion in a single trading day was March 6, 2024. This preceded a 17% run-up to new all-time highs near the $74,000 price point a week later.

Whether Bitcoin can replicate such a move will likely depend on the progress of Trump’s pro-crypto policy efforts and the outcome of next week’s Federal Open Market Committee meeting.

At the time of writing, however, the asset’s price continues to idle around the $105,000 price point, below its recently formed all-time high of $109,600.

Ripple CEO Hints at XRP Inclusion in US Strategic Reserve

Sam Wisdom Raphael
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Ripple CEO Hints at XRP Inclusion in US Strategic Reserve

Discussions around the inclusion of XRP in the US Strategic Reserve have emerged following President Donald Trump’s recent executive order.

The executive order signed by former President Donald Trump triggered discussions within the crypto community. The order, introduced just three days into his presidency, establishes a Presidential Working Group for the crypto industry.

According to a disclosure from FOX Business reporter Eleanor Terrett, citing her colleague Edward Lawrence, the group’s primary goal is to create a federal regulatory framework for digital assets and explore the development of a national “digital assets stockpile.” 

One important detail in the order is the proposal to evaluate a strategic national reserve for digital assets. While many assumed this would primarily focus on Bitcoin, discussions have now emerged about the inclusion of other crypto assets, such as XRP. 

This idea has captured the crypto community’s attention, especially considering recent meetings between President Donald Trump and some crypto executives, including Ripple CEO Brad Garlinghouse.

Bitcoin-Only Advocates Raise Concerns  

After details of the executive order came to public light, Pierre Rochard, VP of Research at Bitcoin mining firm Riot Platforms, strongly opposed the inclusion of XRP in the proposed reserve. 

He alleged that Ripple has been lobbying against a Bitcoin-focused reserve by financially influencing policymakers. 

According to Rochard, Ripple is diverting attention from Bitcoin to protect its narrative and support central bank digital currencies (CBDCs) tied to its platform. Recall that Ripple launched the CBDC platform in May 2023.

Rochard argued that the Trump campaign’s core commitments were to ban CBDCs and establish a Bitcoin-only reserve. He described Ripple’s efforts as undermining these priorities and insisted that Bitcoin should be the sole asset in the strategic stockpile.  

Ripple CEO Defends Diversification  

In response, Ripple CEO Brad Garlinghouse dismissed the allegations, emphasizing that Ripple’s advocacy aligns with the administration’s goals of supporting American companies and innovation.

He suggested that Ripple’s engagement with policymakers increases the likelihood of creating a crypto reserve rather than undermining it. Notably, while such a reserve would definitely include Bitcoin, there is also a possibility of accommodating other crypto assets.

Interestingly, a previous report from the New York Post suggested that the Trump administration was looking to set up a system that would prioritize American-founded crypto assets, which would include XRP, Solana and USDC.

Before the executive order, Garlinghouse noted the possibility of a crypto reserve rather than a Bitcoin-only one in an interview. According to him, such a reserve would likely include Bitcoin alongside other technologies.

Speaking further, the Ripple CEO said a diversified approach to a digital assets reserve would make sense from a strategic standpoint.

Opinions from Industry Leaders

Opinions have also sprung up from other industry leaders. Scott Melker, host of The Wolf of All Streets Podcast, shared rumors that the strategic stockpile could include both Bitcoin and XRP. He acknowledged that this was speculative, but noted he received the information from reliable sources.

Amid these comments, some Bitcoiners claim Ripple’s active lobbying and donations may have influenced the administration’s decision. Notably, Ripple donated $5 million to Trump’s inauguration and has maintained communication with key policymakers. 

Finance Industry Insider Says Banks Will Never Use XRP

Abdulkarim Abdulwahab
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0
Finance Industry Insider Says Banks Will Never Use XRP

Rajat Soni, a finance industry veteran with 10 years of experience, has publicly criticized XRP, calling it a “scam” and asserting that banks will never adopt it.

In a recent tweet, Soni outlined his reasons for why he believes XRP lacks the necessary qualities to be embraced by financial institutions. To him, Bitcoin is the actual digital currency that will shape the future of finance.

XRP “Has Centralized Risk”

Soni’s main critique centers on XRP’s decentralization, citing that the American payment firm Ripple largely controls XRP. Specifically, he pointed out that Ripple holds approximately 50% of the total supply of XRP.

In his view, this heavy concentration of ownership leaves the cryptocurrency vulnerable to price manipulation and presents a major risk to potential users, especially financial institutions. 

As a result, he concluded that “XRP is not decentralized,” asserting that banks do not want to be taken advantage of, as they are typically the ones who take advantage of others.

Furthermore, Soni claimed that Ripple has the ability to alter the XRP code and issue more coins if they choose, a claim many dub false. Soni argues that this “lack of true decentralization” makes XRP unattractive to banks. In his opinion, the idea that banks will adopt XRP is a misguided belief.

Meanwhile, Soni argued that a U.S. regulatory crackdown could hinder XRP’s price ascent. He claimed that aside from hopes that banks will eventually use it, many are not really interested in XRP. He recalled how the price of XRP tanked after the announcement of a lawsuit against Ripple in late 2020 to back his view.

Moreover, Soni claimed Ripple’s periodic sales of XRP contributed to the asset’s inability to reach an all-time high in seven years.

Bitcoin as “True Future of Digital Currency”

In contrast to XRP, Soni praised Bitcoin for its decentralization and growing global adoption. He stated that Bitcoin’s code is open-source, and any user can run the software, making it more resistant to control or manipulation.

Furthermore, he cited that the largest Bitcoin holders own no more than 5% of the total supply, preventing any single entity from taking control of the currency.

Soni also highlighted Bitcoin’s growing use in countries where traditional banking systems are inaccessible. He noted that if Bitcoin were banned in one country, it would still be used and traded in others. In his view, it is unlike XRP, claiming it could likely lose value if it were banned in the U.S.

Soni’s XRP Stance Under Check

It is worth noting that Soni is a longstanding XRP critic and Bitcoin maxi who has continued to issue heated pieces on the token.

Meanwhile, members of the XRP community have mostly grown immune to his takes, with lesser efforts to resist his negative narratives about the coin.

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