New Chapter XRP Vs BTC: Ripple Lobbies US Strategic Bitcoin Reserve for What?
2025-01-25Bittime - The competition between Ripple Labs and Bitcoin is heating up again. This time, Ripple is facing serious accusations regarding alleged attempts to hinder its formation of the Strategic Bitcoin Reserve (SBR) in the United States.
Amidst these rumors, the crypto community is left wondering: is Ripple really lobbying to suppress Bitcoin to serve their own agenda? Check out the review in this article.
Ripple Accused of Bitcoin Sabotage
Pierre Rochard, Vice President of Research at Riot Platforms, claims that Ripple has spent a large amount of money lobbying policymakers in the US during 2023.
According to him, this step aims to hinder the recognition of Bitcoin as a strategic reserve asset in order to strengthen Ripple's narrative about central bank digital currencies (central bank digital currency or CBDC).
Read also: XRP Coin: Potential Listing on CME and Prospects for Price Increase
“Ripple is using their political influence to prioritize CBDC over Bitcoin. "This is part of their big agenda," said Rochard.
In addition, Ripple is also suspected of supporting policies that suppress the Bitcoin mining sector under the Biden administration, which is considered to be in line with their vision of promoting CBDC.
Ripple Vs Bitcoin Strategic Steps in 2023
In May 2023, Ripple launched a CBDC and stablecoin issuance solution, further strengthening allegations that the company was trying to unseat Bitcoin.
Financial support from Chris Larsen, Ripple's co-founder, of a political action committee supporting CBDC development, also added to the controversy.
However, Ripple denied all these accusations. Brad Garlinghouse, CEO of Ripple, explained that their lobbying activities aim to create a framework that supports various digital assets, including Bitcoin.
“We are not inhibiting Bitcoin. "We support innovation in the US technology sector," he stressed.
Read also: Can XRP Make You Rich? Listen to this explanation!
What is Strategic Bitcoin Reserve?
Cf is the idea of creating a Bitcoin-based national reserve, similar to a gold reserve. If realized, this would be a major step in recognizing Bitcoin as a strategic asset at the government level.
However, this concept faces various challenges, including environmental concerns regarding the energy-intensive Bitcoin mining process.
Bitcoin Reserve Influence For the Crypto World
This controversy reflects a major shift in the crypto landscape. On the one hand, Bitcoin remains a powerful symbol of decentralization. On the other hand, Ripple with its CBDC agenda features a centralization-based approach.
If Strategic Bitcoin Reserve actually materializes, this could pave the way for wider recognition of Bitcoin on a global level.
However, if CBDCs take precedence, the crypto world will likely move in a more centralized direction, reducing the main appeal of decentralization.
Read also: Why Do Banks Need XRP? This is what members think
Conclusion
Ripple vs Bitcoin rivalry in issue Strategic Bitcoin Reserve shows that the world of crypto is not only about technology, but also political and economic power.
With Ripple's massive lobbying, investors need to watch this development closely.
One thing is certain, the future of crypto is at a crossroads. Will the world choose decentralization represented by Bitcoin or centralization as Ripple strives for through CBDC? Only time will tell.
FAQ
1. What is it Strategic Bitcoin Reserve?
A Bitcoin-based national reserve aimed at securing the value of state assets.
2. What is Ripple? What is the mission of this company?
Ripple is a leading provider of crypto-enabled solutions for businesses. Our mission is to build breakthrough crypto solutions for a world without economic borders.
3. What is the difference between Ripple and XRP?
Ripple is a technology company and XRP is an open source digital asset independent of Ripple. Ripple uses XRP in its solution because it is fast, efficient, reliable and carbon neutral.
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Reference
Coinpedia XRP Vs Bitcoin is Ripple Lobbying Against US Strategic Bitcoin-Reserve CEO Reacts, accessed January 25, 2025.
kitchens, Is Ripple Sabotaging Bitcoin? The Battle Over Crypto Reserves Rages On, accessed January 25, 2025.
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