Utility trader Peter Brandt has compared XRP to the United States Dollar (USD), after saying it is not hard for the U.S. government to double the amount of USD in circulation.
Brandt, who has been an unapologetic critic of XRP, tongue-lashed Ripple for being behind the digital asset.
In his words of criticism, the respected trader had once called XRP a scam and said the digital token was pre-mined to enrich Ripple Labs Inc.
However, the latest statement from the trader compares XRP to USD, but Brandt remains in the same page. He compared the crypto asset to USD on the ground that the overseers of the two assets can double their supplies anytime they feel.
“The Fed is the USD’s bag holder – they can double the supply if they want,” he said adding that “Ripple is XRP’s bag holder,” and if the company wants, it can double the supply of the digital currency. He said he can’t believe that the numbers of those who hold XRP are many.
“I cannot believe the number of otherwise smart ppl [SIC] who have drank XRP cool-aide.”
The trader said all paper fiats will be obsolete someday and the monetary system will be tokenized in a manner not imagined, however, he’s not in support of the “arrogance of crypto-cultists” who holds the belief that their chosen token will be the head in the long run.
Peter, is saying this after observing that some XRP users believe that the digital asset would be adopted by governments when they intend digitalizing their fiat currencies.
Ripple May Be the First to Benefit from OCC’s Decision
Although Ripple continues to tackle law suites centered on how the firm sold its cryptocurrency XRP, the latest decision from the Office of the Comptroller of the Currency (OCC) on July 22, that national banks may now begin to offer crypto custody services to customers may give XRP an edge in terms of its adoption, considering that Ripple has numerous central and national banks customers.
While Ripple claims most of its financial institution partners that make use of XRP for transactions do not hodl the cryptocurrency, regulatory order from the government is likely an impending reason.
However, having fully understood the benefits of digital assets and the need for banks to offer crypto custody services since 1998, the OCC said it believes that the crypto services are in par with traditional bank activities, but just a modernized one.
The office, in the release, clarified that the crypto custody services may stretch past passive holding of cryptographic keys.
For banks who are already partners of Ripple, making use of RippleNet solution, integrating XRP crypto custody services into their operations would be easy and fast, and they may begin to keep cryptocurrency.
Nevertheless, other cryptos like Bitcoin, Ethereum, and Litecoin, among others, will be favored in the announcement.