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XRP and ETH Securities Guaranteed to Go to Zero Against Bitcoin: Max Keiser

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Fri, 22/03/2024 - 12:58
XRP and ETH Securities Guaranteed to Go to Zero Against Bitcoin: Max Keiser
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Bitcoin maximalist, financial journalist and podcaster Max Keiser has again taken up picking on XRP, along with Ethereum’s native ETH coin this time.

Stressing that these coins are undoubtedly securities and will remain so even should the SEC mischaracterize them as not securities.

Keiser resumes criticizing XRP and ETH

In a recently published tweet, early Bitcoin investor and evangelist Max Keiser targeted a critique at the top 10 cryptocurrencies Ethereum (ETH) and XRP. Keiser is renowned for his frequent criticism aimed at altcoins, which he believes to be unregistered securities and heavily centralized assets.

This time, he particularly took aim at XRP and ETH, stating that they are “unquestionably securities.” Keiser is positive they will keep this label even if U.S. regulators "mischaracterize" them. He added that this would be regulators’ failure, however, it will change nothing about these cryptocurrencies for him personally.

He then, again, claimed that both XRP and ETH “are mathematically guaranteed” to crash to zero against Bitcoin.

Related

Here's why Bitcoiners slam altcoins

What the Bitcoiner means here is that the BTC supply is programmatically limited to 21 million coins by its mysterious creator Satoshi Nakamoto. Unlike BTC, the ETH supply is 120,073,508 ETH, and that of XRP sits at 100,000,000,000 XRP.

Bitcoiners’ rethoric about BTC being a supreme crypto (and often referred to as the only cryptocurrency on the market among digital securities, by Jan3 chief executive Samson Mow, for example) is based largely on this Bitcoin characteristic. Thanks to the small fixed supply and halvings every four years, Bitcoin becomes more and more scarce. More than 19 million out of 21 million coins have already been mined. There have been three halving events already, and the fourth one is scheduled for the second half of April - less than a month away from now. Halvings create a supply shock.

Besides, there is a demand shock growing for Bitcoin as multiple spot Bitcoin ETFs continue to acquire hundreds of millions worth of Bitcoin per day. Until recently, they purchased 12x BTC produced by miners per day (900 BTC is the daily minted amount). However, over the past few days, BTC inflows into ETFs have seen a drastic reversal.

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