Since JPMorgan announced that it would be debuting a cryptocurrency on the 14th of January, different individuals have had things to say about the JPM Coin and what it means for the cryptocurrency industry. Particularly, there has been a lot of opinions about what this coin means for XRP. Many have suggested that the JPM Coin is going to put XRP out of business. It’s important to keep in mind that the JPM Coin is not going to be available on the open market. It is simply going to be used internally by the enterprise. So, there is no room for price volatility. One of the most recent comments in the debate was from a Forbes contributor, Jason Bloomberg.
Jason Bloomberg Talks About Ripple, XRP And The JPM Coin
Jason Bloomberg who is the author behind “JPM Coin From JPMorgan Chase vs. Crypto Fans,” and a Forbes contributor, claims that the JPM Coin reveals that Ripple is a scam. He said that the fact that JPMorgan has created a coin means that the financial institutions are starting to get tired of Ripple’s dishonesty. In his words:
“Ripple has been preparing the XRP token to solve cross-border financial transaction difficulties for institutions. However, there are clear indications that Ripple is a scam. Financial institutions are becoming wise, and JPMorgan has come right in time to fill the void Ripple’s dishonesty is leaving in the space. What you see now is a market change that has been triggered by Ripple. The correspondent banks are now in defensive mode.”
Bloomberg’s comments against Ripple lacks critical evidence. However, it’s most likely related to the fact that Ripple controls 60% of the total XRP in circulation. However, those who have critical knowledge of how Ripple works may not consider this information as accurate. On many occasions, Ripple has tried to dissociate itself from XRP in a bid to promote decentralization. Decentralization is one of the core principles of cryptocurrencies that makes them different from a digital asset like the JPM Coin.
XRP (XRP) Price Today – XRP / USD
The 60% of XRP owned by Ripple is safely kept in escrow. However, it has discouraged many people and institutions from investing in XRP. Even some exchanges, like Coinbase, have refused to list XRP because they still aren’t sure if it is a security or a cryptocurrency. Those who want to use the Ripple payment protocol without XRP have also been discouraged because they do not believe that the FinTech company is truly not directly linked to the XRP token.
JPM Coin Is A Good Thing For The Industry As A Whole
Many observers haven’t seen it yet but the creation of the JPM Coin is a good thing for the industry as a whole. It forces many existing blockchain service providers to up their game and it creates a level of trust in the industry among Wall Street investors. This would lead to an increase in adoption of cryptocurrencies and the underlying blockchain technology.
The JPM Coin isn’t a direct threat to the survival of XRP. You can read more about why this is so in this post by smarttest.wpmudev.host.
Based on your knowledge of the industry, do you agree with Jason Bloomberg? Is Ripple a scam? Share your thoughts in the comment section.