The charges pressed by the US Securities and Exchange Commission against Ripple have started an adverse snowball effect on the company and its native token. With the XRP value plummeting in the past few days and some exchanges delisting the asset, Max Keiser asserted that Ripple is the first of many to fall and the SEC’s actions will ultimately benefit bitcoin.
XRP And Other ‘Garbage’ Coins Will Be Destroyed
Earlier this week, the SEC pressed formal charges against Ripple, alleging the payment processor of conducting a $1.3 billion unregistered security offering. Although the company’s legal team and CEO insisted that the allegations are wrong and Ripple will ultimately prevail, the adverse effects are already evident.
XRP has plummeted from $0.65 to $0.21 in a few days and even though it managed to recover to around $0.35 today, it’s still down a sizeable chunk. The asset lost its position as the third-largest cryptocurrency to Tether. A few exchanges and industry companies delisted it, while others are actively discussing the possibility.
However, it seems that the negative effects spread out to most other altcoins as well. As reported earlier, the market saw multiple double-digit price drops from alts, while BTC has remained north of $23,000. Consequently, bitcoin’s dominance has surged in the past few days to about 68 %.
Despite XRP’s massive price drop, popular TV host Max Keiser recently predicted that the token “can crash another 99% from here.”
CryptoPotato reached out to the host of the Keiser Report, and he highlighted BTC’s growing dominance. However, he said that “adjusted for scams, bitcoin’s dominance is already at 95%.”
He asserted that the SEC works as “bitcoin’s drone,” and it will continue going after other “garbage coins” such as Stellar, Cardano, and more.
Bitcoin Changes You, You Don’t Change Bitcoin
Keiser, who had previously said that he started accumulating BTC when it traded at $1, outlined the actions undertaken by MicroStrategy’s founder and CEO Michael Saylor and the hedge fund manager Paul Tudor Jones. Similarly to the SEC, Keiser referred to both of them as “bitcoin’s drones.”
According to Keiser, Saylor has started “borrowing hundreds of billions to buy bitcoin and talking to CEOs everywhere.” MicroStrategy indeed initiated a similar endeavor recently that resulted in the purchase of $650 million of BTC, while Saylor has openly praised the asset in front of the likes of Tesla’s Elon Musk and SkyBridge Capital.
On the other hand, Jones has pushed additional hedge funds to buy BTC, Keiser explained.
The TV host didn’t miss out on bashing some of the well-known bitcoin critiques, namely Peter Schiff, Paul Krugman, and Nouriel Rubini. Keiser said that “they are being destroyed by bitcoin,” while “we are watching their minds turn to jelly in real-time as the protocol attacks their insecurities and neurosis with a terminal vengeance.”
Once BTC is done converting the willing and destroying the wicked, the cryptocurrency will turn its attention to the central banks, some of which will “blow up causing huge disruptions, but no one who has followed bitcoin will be surprised.”
Ultimately, Keiser said that BTC is “voraciously destroying anything that gets in its way. Bitcoin changes you. You don’t change bitcoin.”
Featured Image Courtesy of Reddit