The top digital currencies in the world have a lot of strong supporters all over the world. This was just proven by the reaction of XRP fans. Recently, the credibility of Ripple was questioned by a scathing op-ed in Forbes. The Forbes analyst called Ripple a scam. The analyst was heavily countered by the fans of Ripple and XRP for making such a comment.
Jason Bloomberg Calls Ripple a Pump and Dump Scheme
Jason Bloomberg is the man behind this bearish comment. Bloomberg is the president of Intellyx – an IT analysis and research company. Bloomberg said, in its core, “the business model of Ripple is a pump and dump scheme. The reason is that it carries out a lot of activities to boost the value of the digital currency – XRP (XRP), says Bloomberg.
“One of the major points of concern for Ripple is the array of customers it flaunts. However, the majority of its customers are partners, not really customers. Ripple even pays other firms to become partners, making the matter worse.”
According to Ripple, this arrangement is known as the RippleNet Accelerator Program. The firm will even start offering rewards to the early users (financial institutions) of its product. This was revealed by Ripple in a blog post. According to the post, the reward will come like rebates via the new RippleNet Accelerator Program.
The community of XRP (XRP) was quick to retaliate to Bloomberg’s comment. They also saw this as a promotion of an array of attacks on XRP (XRP) and accused Forbes also. The article of Forbes of about Ripple also resulted in a trending topic on Reddit. The top comment on the discussion on Reddit revealed that Bloomberg is a digital currency critic.
They said he has been bearish on all digital currencies in the past. The crypto skeptic also wrote an article which he titled “We Need To Shut Bitcoin (BTC) And All Other Cryptocurrencies Down.” Bloomberg has been saying negative things about Bitcoin (BTC) and other digital currencies. He is bearish on the entire digital currency space. Many were not even surprised by his remark about Ripple being a scam.
A user on Reddit also detailed the review of Bloomberg’s argument. In a post, the user said:
“If we want to FUD (fear, uncertainty, and doubt), let us do it in a data-backed, well-researched way. Examples of bad FUD attempts around Ripple looks desperate. I actually downloaded all transactions from the XRP ledger and went through all the payments.”
Cryptocurrency is gaining more ground
Digital currencies have seen a lot of critics over the past years. Since the emergence of Bitcoin (BTC), many have called it a scam and a bubble. Also, many expected Bitcoin (BTC) to go in extinct over the past years, the digital currency has clocked ten years and counting. The awareness and adoption of the digital currency are also on the increase. More firms and industries are now accepting the digital currency as a means of payment for products and services.
Bitcoin (BTC) Price Today – BTC / USD
At the time of writing, Bitcoin (BTC) is trading at $3,793 after a decrease of about two percent over the past twenty-four hours. The current market cap of the digital currency is $66.66 billion and its trading volume over the past twenty-four hours is $7.90 billion. Bitcoin (BTC) is currently facing strong resistance at the $3,900 mark. A break over this level would result in more gains over the $4k level.