Find Out Why Experts Are Claiming That XRP Is A ‘Slave Coin’

Financial analyst and Bitcoin advocate Rajat Soni has expressed his criticism towards XRP, labeling it a “slave coin.” His remarks are driven by concerns that XRP could contribute to the centralization of financial systems, particularly given its link to Ripple and the promotion of Central Bank Digital Currencies (CBDCs). 

Soni’s comments challenge the idea that XRP might be embraced by banks worldwide for diverse financial functions, arguing instead that such adoption would exacerbate the concentration of financial power. 

Soni’s criticism of XRP centers on its relationship with Ripple, which works with governments and financial institutions on Central Bank Digital Currency (CBDC) projects. He contends that DBDCs would increase central banks’ control over personal wealth, which he views as 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 remarked. 

In contrast, Soni promotes Bitcoin as a decentralized alternative to both XRP and CBDCs. He sees Bitcoin as a means of empowering individuals by reducing reliance on large institutions and central banks. 

While XRP is praised for its potential to speed up cross-border payments, Soni and other critics caution that this convenience might further reinforce centralized financial systems. Soni has been consistently criticizing XRP, calling it a “scam coin”. He previously claimed that banks would favor Bitcoin over XRP and criticized Ripple Labs for allegedly centralizing XRP. Soni also predicted that XRP would lose value if banned in the US and criticized its limited global use. 

Meanwhile, Soni’s criticisms of XRP are echoed by other prominent experts in the crypto community. For instance, well-known Bitcoin advocate “Sensei BTC” recently voiced similar concerns about XRP on X. During a discussion on crypto investments, Sensei compared the price performance of XRP and Bitcoin, finding that Bitcoin consistently outperforms XRP. Recent market data supports this view, with Bitcoin showing stronger price growth compared to XRP.