Ripple’s chief technology officer David Schwartz justifies the reasons why he, and many company executives, remain buyers of Bitcoin (BTC).
Ripple and XRP seem lost
The surprising thing here is that these same characters have not given the same optimistic statements regarding XRP. The cryptocurrency that Ripple has created, but that according to them they do not manage, having more than 80% of the total offer at their disposal.
Recently, as we reported in CryptoTrend, XRP lost third place, for a few hours, to Tether (USDT). Due to the continued massive sales of XRP to finance its operations.
Ripple’s David Schwartz stays long on Bitcoin
In a series of tweets, Schwartz expresses that global regulatory uncertainty is preventing Ripple from predicting price movements for the third largest cryptocurrency by market cap, XRP.
Ripple owns more than half of XRP’s total supply and is actively working to grow its ecosystem through investments in crypto verse. In addition, it has also earned a place in the world of traditional payments, through its XRP-based remittance platform, xRapid.
Schwartz, who is one of XRP Ledger’s original architects and current chief technology officer at Ripple, says the company is acting with caution due to its immense market power.
This, in light of the lawsuits alleging that the company illegally sold the digital asset as an unregistered asset in many international jurisdictions.
Ripple’s Schwartz, who started mining Bitcoin in 2011, says he has sold much of his hodls on BTC. You now own 5% of the BTC you ever had.
In August 2019, Schwartz said he still has a “significant fraction” of the XRP that he has accumulated over the years. Could it be true?
Ripple in a difficult position
Do you think it’s the end of XRP in the top 5 and getting further and further away from Bitcoin? Or will Ripple be able to make the price of its cryptocurrency not perform so poorly?
XRP price is down 95% from its historical price. Ripple regularly releases large amounts of XRP from escrow accounts, increasing its supply. This gives XRP an inflation rate of 20%, much higher than rival cryptocurrencies. XRP, Ripple and Schwartz are in a difficult position.