Mining or Mayhem? Finance Expert Compares XRP to COVID-19 Crisis
Finance commentator Gary Cardone stirred up a whirlwind of debate recently by labeling XRP as a snitch to authoritarian regimes, aiming to keep its prominence.
His remarks followed whispers that the European Central Bank (ECB) might employ the XRP Ledger to power its anticipated digital euro project. Although no formal confirmation has been made by the ECB, the mere rumor was enough to ignite strong sentiments.
Cardone Lashes Out at XRP and Christine Lagarde
Cardone didn't pull any punches when expressing his opinions. He stated XRP would "do whatever it takes to survive," even if that meant partnering up with "some of the world's most oppressive forces." He branded ECB President Christine Lagarde as "the epitome of cringe" and accused her of attempting to turn Europe into a "prison continent."
Is XRP the Second Wave of Financial Pandemics? Expert Believes So
Cardone's critique didn't end there. He likened XRP's influence in the financial world to a second wave of a virus and claimed that supporting XRP was comparable to supporting "European warmongers."
These comments ignited a fierce response from the XRP community.
The Digital Euro and XRP: A Finely Woven Web of Rumors
Rumors circulating suggest the ECB may be planning to introduce the digital euro using blockchain technology. Many believe that the XRP Ledger could be in the running. Yet, as of now, the central bank has neither confirmed nor denied these claims.
The digital euro is still waiting for approval from the European Parliament.
Ripple, the company associated with XRP, has already engaging in discussions with central banks in countries such as Palau and Georgia2. They've even launched test programs using Ripple's tech. However, this doesn't guarantee the ECB will be next in line.
Despite a lack of official backing, XRP enthusiasts remain confident and view any involvement with a central bank as a sign of legitimacy. For others, it sparks concern and alarm bells.
The Counter-Attack Begins: Defending XRP from Unfounded Accusations
Cryptocurrency influencers were quick to rebut Cardone's claims. Robert Doyle, known in the crypto world as Crypto Sensei, declared the accusations as "devoid of facts" and emphasized the lack of concrete evidence supporting the ECB's alleged preference for the XRP Ledger.
Other renowned figures in the crypto community like Moon Lambo argued that Cardone may have been misled by rumors and fake news. He even suggested Cardone was pushing a hidden agenda and coined it the "XRP Derangement Syndrome."
Lambo shared the ECB's official website, revealing no platforms decisions have been made thus far3. He cautioned about the potential damage that careless social media posts could inflict on one's credibility and called for Cardone to maintain integrity.
A Divided Crypto Universe: Collaborations vs Centralization
The clash of opinions between Cardone and the crypto community reflects a more significant rift in the digital currency world. Some believe that working with governments and financial institutions demonstrates the value of a crypto project. In contrast, others argue that such partnerships represent a sell-out of crypto's core principles — freedom from centralized power.
Illustration by Imagen, chart from TradingView
"Cardone's critics are quick to argue that his accusations of XRP's alleged alliance with authoritarian regimes are unfounded, given that the cryptocurrency's blockchain technology could potentially be used for the European Central Bank's digital euro project, as rumored."
"Moreover, cryptocurrency influencers like Crypto Sensei and Moon Lambo have defended XRP, stating that there is a lack of concrete evidence supporting the ECB's supposed preference for the XRP Ledger, and accusing Cardone of pushing a hidden agenda or being misled by rumors and fake news."
