Finance Veteran Says XRP is a ‘Slave Coin,’

Financial pundit and well-known Bitcoin advocate Rajat Soni has again voiced strong opposition to XRP, calling it a “slave coin.”

His comments come in response to dated claims that XRP could be adopted by banks globally for various financial purposes. However, Soni believes this prospect would further centralize financial power.

Why XRP is Branded “Slave Coin”

Soni’s critique focuses on XRP’s association with Ripple, which partners with governments and financial institutions for Central Bank Digital Currencies (CBDCs) initiatives. He argues that CBDCs would give central banks more control over individuals’ wealth.

For Soni, this represents a threat to financial freedom. “CBDCs are going to be used to enslave us, and the XRP army wants you to support that agenda?” he said.

In contrast, Soni advocates for Bitcoin as a decentralized alternative to XRP and CBDCs. He sees Bitcoin as a solution that empowers individuals by moving away from the control of large institutions and central banks. 

While XRP has been lauded for its potential to facilitate faster cross-border payments, critics like Soni warn that this convenience may come at the cost of further entrenching the power of centralized financial systems.

Notably, Soni is among the longstanding XRP critics who have continuously branded the token a scam coin. In an earlier critique, he argued that banks would prefer Bitcoin over XRP and falsely claimed that Ripple Labs created XRP, “making it centralized.”

He predicted that XRP would become “worthless” if banned in the U.S. and criticized its limited global adoption.

Soni’s latest remarks extend his criticism of XRP, which he now describes as a “slave coin.” He believes that many individuals hold XRP in the hope that banks will adopt it, but he considers this hope to be misguided.

“Never Buy XRP”

Interestingly, Soni is not the only prominent figure in the Bitcoin community who has recently directed criticisms at XRP. In a separate conversation on X, “Sensei BTC” stressed that  Bitcoin outperforms XRP in price performance. A comparison of recent price actions supports this observation.

In the last 24 hours, Bitcoin has risen by over 4%, whereas XRP has only increased by 1.5%. Over the past year, the disparity has been even more pronounced, with Bitcoin gaining 34% and XRP falling by 12.75%.

Accordingly, Sensei advised newcomers to the crypto world to avoid buying XRP, labeling it a “shitcoin.”

However, it is worth noting that XRP proponents have consistently disputed these critiques from Bitcoin maxis. The Bitcoin and XRP communities have long been at odds.