VanEck’s Head Of Crypto Research is unfazed by Ripple’s success on Wall Street, soft-pedaling XRP’s adoption.
With the crypto & stock markets now tumbling to a $3.3 trillion market cap, both Bitcoin (BTC) & major-cap altcoins took the plunge. VanEck’s key crypto market specialist Matthew Sigel had a dig at the XRP community, popularly referred to as XRP Army.
VanEck’s Head Of Research Openly Mocks XRP’s Utility
“I may never understand what your “blockchain” actually does, but I’ll always respect the passion required to pretend it does something.”, – gasped out VanEck’s Head Of Digital Asset Research. Riling up the XRP community, he went on to compare XRP to BTC.
Surely, this comparison didn’t turn out in favor of Ripple (XRP), as Mr. Sigel named university endowments, central banks & sovereign wealth funds as all plausible investors in Bitcoin (BTC), while XRP’s adoption mostly relies on partnerships with banking institutions.
Moreover, 12 countries are now mining Bitcoin (BTC) with their infrastructure thanks to the showpiece asset’s synergies with the electrical grid. Notably, a key difference between XRP Ledger & Bitcoin (BTC) in technical terms is the different consensus mechanism.
Here’s Real Reason Behind VanEck Bad-Mouthing XRP
While Bitcoin (BTC) runs on Proof of Work (PoW), meaning it can be mined by solving mathematical puzzles with qualified computer setups, XRP’s Proof Of Stake (PoS) is limited to rights gained via staking, used as a method to secure the network’s operations.
Matthew Sigel’s skepticism towards Ripple’s XRP Ledger stems from the decision not to include the OG coin in the bath of altcoin-based exchange-traded fund (ETF) pitches piling up on the United States Securities and Exchange Commission’s (SEC) table.
Similarly to Fidelity & BlackRock, VanEck has refrained from filing a Ripple (XRP) based ETF. Standing out from the crowd, these three digital asset management giants actively explored Solana (SOL) as the alternative for the American stock market.
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