Bitcoin (BTC) continues its downward slide and is now trading below $4500. With this heavy selling momentum, Bitcoin (BTC) could test $3000 in the near future. It seems like Craig Wright is having his way, in bringing down Bitcoin (BTC). According to him, the goal is to rid the market of digital assets, which he calls scams and lead to the rise of bitcoin as cash.
All sounds good, but it is not every day that someone goes on a self-destructive path, just to prove a point. He is self-destructive in the sense that by dumping and spreading FUD against bitcoin (BTC), he too loses money. He also stands to lose even more because if investors panic and lose confidence in BTC, it could stagnate for years. But what if this is all smokes and mirrors? What if the man who seems self-destructive is part of an elaborate move aimed at an even bigger goal, control.
All through the crypto rise that spans a decade, banks and governments have been very uncomfortable with bitcoin (BTC) and similar coins. They are uncomfortable because it is outside of their control, and cannot be censored. That’s why voices against it have been getting louder in governments and in the banking industry. But even as the negativity around BTC has got louder, the reality of digital currencies has been accepted at the institutional level. Even the IMF chief has recently urged central banks to look into digital currencies. One cryptocurrency that fits well within what the financial system is comfortable with XRP.
It integrates quite well, and it is not a fluke that it has been rising significantly in value since the chaos started. XRP (XRP) works perfectly as digital cash, which is the idea that Craig Wright seems to be pushing as what bitcoin should be.
One thing seems quite consistent in all this, the system wants a digital currency that can work efficiently as cash, without all the other aspects of bitcoin, such as the power for just about anyone to generate it.
But if such a currency were to be accepted at scale, and ultimately become a world currency, it would have to be the dominant force in the market. In this case, it would have to dethrone Bitcoin (BTC), which has drawn in the most investments since crypto became a thing. Such a move to implode Bitcoin is not outside the realms of possibility. In the past week, the momentum around XRP has been growing, and for the first time, the market cap of XRP (XRP) is edging upwards even as Bitcoin (BTC) continues to slide down, and fast with people like Craig Wright (supposed Satoshi) fan the fire.
Maybe it’s all part of a show to drive up XRP (XRP) to the top of the market. Once there, it would draw in more investors and media attention, hence pushing up its value in the market, and acceptance levels in the global financial system. This would place it in a good position to be elevated to the position of a global currency. For anyone invested in XRP (XRP), the future could be about to get more interesting than ever before. You could be an early investor in the next global currency that could replace fiat.