By Tobi Loba
Veteran trader Peter Brandt has once again hit Ripple, the payment firm that oversees the distribution of the fourth-largest cryptocurrency by market capitalization, XRP, by comparing it to the major bag holder of the world’s reserve currency, US Dollar.
In a thread started by Peter Brandt, where he predicted that paper fiat will become obsolete and global monetary system will be tokenized, an XRP enthusiast is of the opinion that the digital token would be a perfect replacement.
Peter Brandt tweeted, “Eventually all paper fiat will be obsolete and global monetary system will become tokenized – perhaps in a form we have not even yet imagined. I just object to the arrogance of crypto-cultists to assume their favorite pet rock will reign supreme.”
Eventually all paper fiat will be obsolete and global monetary system will become tokenized – perhaps in a form we have not even yet imagined.
I just object to the arrogance of crypto-cultists to assume their favorite pet rock will reign supreme.
— Peter Brandt (@PeterLBrandt) July 22, 2020
XRP Is Already Quantum Resistant
Following many opinions that greeted Peter Brandt’s opinion, a supposed XRP community member averred that XRP is already quantum resistant.
The user noted:
“Elliptical curve cryptography might be obsolete, but there are quantum computer resistant methods that can be implemented. XRP is already quantum resistant.”
Peter Brandt Compares XRP and US Dollar Bag Holders
Peter Brandt who usually showcase disinterest in the Ripple’s digital token XRP seized the chance to take another shot at the cryptocurrency by comparing it to USD bad holders.
In the tweet, he referred to Fed as USD bag holder and Ripple as XRP bad holder. He said Fed has the power to control the affairs of USD as much as the influence Ripple has on XRP.
Peter Brandt tweeted, “XRP can be compared to the USD. The Fed is the USD’s bag holder — they can double the supply if they want. Ripple is XRP’s bag holder — and it WILL double the supply. I cannot believe the number of otherwise smart ppl who have drank XRP cool-aide.”
XRP can be compared to the USD
The Fed is the USD's bag holder — they can double the supply if they want
Ripple is XRP's bag holder — and it WILL double the supply
I cannot believe the number of otherwise smart ppl who have drank XRP cool-aide
— Peter Brandt (@PeterLBrandt) July 24, 2020
In accordance with Brandt’s assertion, a user cited a sell-off of 550 million XRP worth $110 million, initiated by Ripple on 21st July 2020:
“Agree with you Peter. On the 21st Ripple just quietly sold 550 million XRP (worth $110 million) interestingly enough a few days before the BANk custody announcement! Coincidence? Guess who they sold those XRPS too? hint: it wasn’t to the banks.”
The Narrative of XRP and USD Bag Holders
As it’s generally known, the Fed is in charge of money supply in the United States, which has printed trillions of dollars over the last 10 years.
Peter Brandt described the Fed as a US Dollar bag holder due to its seemingly reckless rate of printing fiat currency over the past decade.
On the other hand, Brandt sees Ripple as the major bag holder of XRP. He believes that the payment firm controls the majority of XRP in circulation, considering the 1 billion XRP it unlocks from its escrow on a monthly basis.