If there is a new marketing strategy the Ripple Labs team enjoys, it must be criticizing Bitcoin (BTC) to promote their XRP. Indeed, not too long ago, media reports say that Ripple CEO Brad Garlinghouse berated BTC just to promote XRP.
The CEO, who spoke at Singapore FinTech Festival, called for a global framework for crypto-based payments. According to a Bitpress report, in a bid to promote XRP, Garlinghouse stated that XRP was 1,000 better than BTC. Aside from the CEO berating Bitcoin, another Ripple Labs staffer is employing the same strategy.
The strategist speaks
Chief Strategist, Cory Johnson, follows in the footstep of his boss. Johnson released an attack on Bitcoin just to ensure that crypto users dump BTC and settle for XRP. However, it remains unclear why they are adopting this particular approach. Sludgefeed reports that the Chief Strategist argued that Bitcoin was still struggling with scalability whereas Ripple (XRP) is already going ubiquitous.
A Twitter user, Steven Diep, posted the footage on his handle, bringing to the notice of his followers the latest Ripple’s strategy. In the video, Johnson raised concern over the amount of energy expended in maintaining Bitcoin. He also lampooned Bitcoin for being excessively centralized in China. In a usual move to demarket Bitcoin, Johnson called Bitcoin “poor technology.” He encouraged viewers to try out XRP that he sees as the viable solution.
Companies are adopting Ripple
In the video, Johnson boasted that Ripple has become a global brand since many companies are falling over themselves to try it. Indeed, he reiterated that the company’s products are a top-class enablers for cross-border payments and settlements. Additionally, he says that fewer companies are using Bitcoin and other altcoins.
While this strategy of criticizing Bitcoin worked for CEO Garlinghouse, the market has yet to react to Johnson’s strong-worded criticism. XRP recently displaced ETH to become the world’s second-largest virtual currency by market cap after the Garlinghouse’ message, a position the crypto still holds.
Earlier in the year, the company came under heavy criticism with skeptics questioning its decentralization. One investor argued that it is not a security and would go ahead to file a class action lawsuit against the company. On the other hand, given that the Ripple team pre-mined and still controls XRP, others argue that XRP is a centralized crypto.
It is noteworthy to emphasize that Bitcoin and many other altcoins do not have this challenge. Ripple admitted that it is a centralized company investing in decentralized technology.
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