Vitalik Buterin, the co-founder of the second largest cryptocurrency Ethereum, tweeted about XRP, stating that ‘it’s better sound money than Bitcoin.
His view on XRP comes as a response to Pierre Rochard’s research on Bitcoin’s value where he sums up Bitcoin as the ‘ideal stable coin’ and summarized it as peak sound money. While responding to what Mr. Rochard said, Vitalik tweeted:
I think you want to use XRP. The chart for XRP/XRP would look the same so it’s also sound money, but they have Institutional adoption™ and Partnerships™ so they’re better.
— Vitalik Non-giver of Ether (@VitalikButerin) February 24, 2019
Mr. Rochard uploaded a graphic in which he shows the price of Bitcoin compared to Bitcoin itself. Thus, the graphic is just a flat line that is worth 1 BTC at all times.
Vitalik Buterin answered that he believes that Mr. Rochard wanted to use the XRP graphic instead. Buterin said that the XRP graphic would look the same but it is also sound money.
Additionally, he mentioned that XRP has been adopted by several institutions and signed many partnerships around the world.
Let’s be honest. Ripple and XRP are extremely popular entities, and the increased media attention is mostly due to their achievements, partnerships, and plans.
As we all already know, Ripple’s primary goal is to overcome SWIFT which has been the traditional payments system adopted by banks and financial institutions for decades. But SWIFT is pretty old, and it has issues regarding the speed of transactions, costs and more. These problems are what Ripple want to eliminate offering users flawless, fast, secure and cheap transactions.
“A New Kid On The Block”
And let’s not forget, that Buterin wrote an interesting piece on Ripple in 2013 when he actually called it “ A New Kid On The Block”.
Let’s just mentioned some of the above:
“Litecoin is perhaps the most prominent out of all the alternatives, its price hovering around $0.07 USD and even slowly increasing over the past six months, but so far the overwhelming majority of merchants – and merchant platforms, for that matter – have seen no reason to pay attention to them. Now, that may finally change with decentralized cryptocurrency’s new kid on the block: Ripple.”
Buterin also wrote:
“Regardless, the fact that Bitcoin now has a strong and compelling alternative makes it clearer than ever that the idea of cryptocurrency as a whole is here to stay.”
And on this occasion Whale Panda, a recognized Bitcoin supporter answered that it is not possible to use Ethereum (ETH) as a store of value because it is not possible to know whether the graphic is ETH1.0/ETH1.0 or ETH1.0/ETH2.0 which do not have the same value. Moreover, he said that Bitcoin and XRP have a predictable monetary policy, compared to Ethereum that is just a “handful of people on a call that decides it on a whim.”
True, can’t do that with ETH/ETH because you don’t know if it’s ETH1.0/ETH1.0 or ETH1.0/ETH2.0 which obviously don’t have the same value. ¯_(ツ)_/¯
And Bitcoin and XRP have a predictable monetary policy. With $ETH it’s just a handful of people on a call that decide it on a whim.
— WhalePanda (@WhalePanda) February 24, 2019
There are several comments from XRP supporters that seem to be very happy about the tweet that was written by Vitalik Buterin. Other individuals were attacking him regarding the things he said. However, a Twitter user wrote that Vitalik was being sarcastic with the crypto community in the popular social network.
Don’t forget, just last week, global currency exchange MercuryFX has showered praises for Ripple’s XRP-based xRapid payment solutions. Mercury FX CEO Alaistair Constance praised the xRapid solutions for its faster and low-cost cross-border transactions comparing it with SWIFT adding that the latter will soon become obsolete.
Also, according to the President and Representative Director of SBI Holdings, Yoshitaka Kitao, XRP’s market capitalization is likely to exceed the market cap of BTC which has traditionally been the major world’s crypto.
Not to forget, recently RippleNet scored 200+ customers worldwide with Euro Exim Bank, along with JNFX, SendFriend, Transpaygo, and FTCS deciding to use XRP for liquidity when sending a cross-border payment.
*To learn more about XRP coin, Ripple company, and their innovative solutions, please check out our awesome guide.