Peter Brandt says the number of smart people who have gotten “into the XRP hole” is unbelievable.
Veteran commodity trader Peter Brandt returned to talking about XRP, comparing it to the US dollar, the world’s reserve currency, in a tweet.
Unfortunately for the XRP community, Brandt did not intend to flatter the fourth largest cryptocurrency with such an orthodox comparison.
Understand the not-so-gentle comparison
Brandt draws parallels between the U.S. Federal Reserve and Ripple, the San Francisco-based company behind the XRP, to validate his argument:
“The Fed is the holder of the dollar and they can double the offer, if they want. Ripple is the owner of XRP – and will double the supply. “
The Fed is responsible for managing the US money supply, which has increased by trillions of dollars in the past decade. Its balance sheet is expected to reach almost $ 10 trillion in 2021 because of efforts to alleviate the crisis caused by the new coronavirus.
Some consider the Fed’s quick and furious printing of money imprudent in defending the return of the gold standard that Brandt doesn’t think he’s coming back.
Ripple, as Brandt notes, is the primary “owner” of XRP controlling most of the token supply and unlocks 1 billion XRP tokens monthly.
According to data provided by the cryptocurrency research firm, Messari, XRP’s inflation rate is currently 21.3% (compared to 3.4% for Bitcoin).
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Brandt and cryptocurrencies
Brandt previously called the XRP “manipulated”, and said that its price would be borne simply by Ripple.
While Brandt believes the XRP is “a dead end”, he is really “super optimistic”In relation to Bitcoin and Ethereum.
That said, he recently mentioned that it would be arrogant for the cryptocurrency community to believe that any of their “pets” would be able to replace fiat money.