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Max Keiser Slams XRP as ‘Designed to Rob Billions from Gullible Investors’
Max Keiser, a vocal supporter of Bitcoin and former financial journalist, recently shared his disapproval of XRP, one of the leading altcoins in terms of market cap.
Additionally, Keiser shed light on the reasons behind the increasing number of individuals exchanging their traditional currency for Tether’s stablecoin, USDT.
Max Keiser’s Thoughts on XRP and Brad Garlinghouse
Keiser often takes to Twitter to express his opinions on prominent altcoins like XRP, ADA, and SOL, labeling them as “centralized garbage” and echoing SEC Chair Gary Gensler’s views on them as “unregistered securities.
In a recent tweet, Keiser predicted a continued decline of XRP against Bitcoin, going as far as accusing Brad Garlinghouse, the CEO of Ripple, of creating XRP “to steal billions from unsuspecting individuals.” It’s worth noting that XRP was in existence long before Garlinghouse assumed his role at Ripple Labs.
Keiser’s Praise for Centralized USDT Stablecoin
Despite his advocacy for decentralized Bitcoin, Keiser has shifted his focus to applaud the USD-backed stablecoin, USDT, issued by Tether. Keiser acknowledges the centralized nature of this stablecoin but sees it as a tool to bring down the fiat U.S. dollar. Describing this digital currency, he tweeted, “It’s a centralized, play-money proxy to the USD.
He further explained the motivations behind many individuals converting their fiat into USDT, which operates on various chains like Tron and Ethereum, to access banking services. Keiser noted, “Millions of people swap their fiat money for Tether because they don’t have bank accounts or access to banking services,” using it as an alternative to the USD.
In the last 24 hours, Tether has issued a staggering $1 billion worth of stablecoins on the Tron chain. Over the past year, this company has minted 31 billion USDT on Tron and Ethereum, as indicated by a tweet from the @lookonchain analytics X handle.
Keiser’s endorsement of Tether can be attributed to the recent initiative by Tether to use part of its profits to purchase BTC.
He asserts that these actions are undermining the U.S. dollar’s status as a global reserve currency by introducing a counterfeit version that millions adopt and investing the interest gained from US Treasuries into Bitcoin.
