A new war is set to take over the cryptocurrency realm, one that will feature two of the largest coins in the industry, Bitcoin [BTC] and XRP.
XRP maximalists have been pushing the coin as the foremost payment solution, causing massive ripples in the global coin market. Several proponents have backed the coin and have come out against other decentralized cryptocurrencies in the market, the latest being the CEO of Japan’s SBI Holdings, Yoshitaka Kitao.
In a recent interview, Kitao questioned the relevance of Bitcoin, even suggesting that the coin is valueless due to its rapid decrease. The SBI Holdings CEO also used a stock market analogy of price decline, suggesting that Bitcoin defies the principles of the stock market and hence, has no “fundamental value.”
“Because the fundamental value (of Bitcoin) is zero, it falls by 80% from the peak. This is rare in the stock market and others. It has been said from the long ago that the rule of the rice exchange rate, even if it fells, it is said that it will almost stop at “half price eight odd discounts,” but it continued to fall without stopping. After all, it is because there is no fundamental value.”
Further, he questioned the long-term practical use of Bitcoin, primarily because of the price of the cryptocurrency. At press time, Bitcoin is priced at just over $3,900 after a market surge which has added over $10 billion to the collective market cap within the past 24 hours. Kitao stated that because of these reasons he sides with XRP.
“There is basically no value for Bitcoin. The fact that coins are going to be used more and more in practical use is not easy when it comes to that price. So I think that ‘XRP’ in the crypto world is probably the number one crypto asset.”
“Still searching for a use case (for Bitcoin), whereas XRP already has utility as a tool for making faster and cheaper cross border payments.”
SBI Holdings has long been a partner of Ripple and hence, it comes as no surprise that their CEO is bullish about XRP and not very keen on Bitcoin. Ripple confirmed their partnership with the Japanese giant in January 2018, in a bid to better serve their Asian market and has since gone on to cement various partnerships with SBI Holdings.
Recently, SBI Holdings had announced that its cryptocurrency exchange, VC Trade will commence trading in March 2019. Despite launching in July 2018, the exchange restricted the withdrawals of cryptocurrencies and had limited their users to use hardware wallets. The exchange will now allow trading in the following virtual currencies: XRP, Bitcoin [BTC], Ethereum [ETH] and Bitcoin Cash [BCH].
XRP’s straightforward appeal in the payments realm with banking institutions emanates from it being centralized, with the center being Ripple. On the other hand, Bitcoin is always going to be promoted as a ubiquitous, universal currency that can be used as a medium of exchange and a store of value.
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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
Crypto News – 25 May – Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
— AMBCrypto (@CryptoAmb) 25 May 2019
Daily Crypto News – May 25
1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.
Read more at https://bit.ly/2VRQwb0
2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.
Read more at https://bit.ly/2W40sTR
3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.
Read more at https://bit.ly/2X6fdlw
4) Tether’s [USDT] market cap hits ATH: Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.
Read more at https://bit.ly/2McaTjE
5) Tether volume shift: Another controversial topic in the cryptocurrency industry was the issue of fake transaction volumes on many of the popular cryptocurrency exchanges. The magnitude of the topic was so large that even Changpeng Zhao, the Chief Executive Officer [CEO] of Binance had raised red flags. This topic and Tether as a whole received another twist when Larry Cermack, the Director of Research at The Block, pointed out a few parameters when it came to the said volume.
Read more at https://bit.ly/2wmk4mJ
6) Bitfinex’s LEO tokens listed on Delta Exchange: Bitfinex’s Leo tokens faced quite a lot of criticism when they were announced, due to the missing $850 million funds from Bitfinex. The private investment round by Bitfinex also faced a lot of heat from the media. However, in a recent development, Leo tokens are being listed on various exchanges for trading.
Read more at https://bit.ly/2HUEnNB
7) Robinhood en-route a projected valuation of $7 billion: Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance.
Read more at https://bit.ly/2W64KKj
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