Rajat Soni Continues XRP FUD, Calls it a “Scam” and Asserts That Banks Will Never Adopt It

Rajat Soni, a finance industry veteran with 10 years of experience, has publicly criticized XRP, calling it a “scam” and asserting that banks will never adopt it.

Finance industry veteran Rajat Soni has publicly denounced XRP, labeling it a “scam” and asserting that banks will never integrate it.

In a recent tweet, Soni outlined his reasoning for why he believes XRP lacks the qualities necessary to be adopted by financial institutions. According to him, Bitcoin is the true digital currency that will shape the future of finance.

XRP “Has Centralized Risk”

Soni’s main critique revolves around XRP’s decentralization, arguing that the American payment company Ripple largely controls XRP. Specifically, he pointed out that Ripple owns approximately 50% of the total supply of XRP.

In his view, this heavy concentration of ownership leaves the cryptocurrency vulnerable to price manipulation and poses a major risk to potential users, especially financial institutions.

As a result, he concluded that “XRP is not decentralized,” asserting that banks do not want to be taken advantage of, as they are typically the ones who take advantage of others.

Furthermore, Soni claimed that Ripple has the capability to alter the XRP code and issue more coins if they choose, a claim many dub false. Soni argues that this “lack of true decentralization” makes XRP unattractive to banks. In his opinion, the idea that banks will adopt XRP is a misbelief.

Meanwhile, Soni argued that a U.S. regulatory crackdown could impede XRP’s price ascent. He claimed that aside from hopes that banks will eventually use it, many are not really interested in XRP. He recalled how the price of XRP tanked after the announcement of a lawsuit against Ripple in late 2020 to back his view.

Moreover, Soni claimed Ripple’s periodic sales of XRP contributed to the asset’s inability to reach an all-time high in seven years.

Bitcoin as “True Future of Digital Currency”

In contrast to XRP, Soni praised Bitcoin for its decentralization and growing global adoption. He stated that Bitcoin’s code is open-source, and any user can run the software, making it more resistant to control or manipulation.

Furthermore, he cited that the largest Bitcoin holders own no more than 5% of the total supply, preventing any single entity from taking control of the currency.

Soni also highlighted Bitcoin’s growing use in countries where traditional banking systems are inaccessible. He noted that if Bitcoin were banned in one country, it would still be used and traded in others. In his view, it is unlike XRP, claiming it could likely lose value if it were banned in the U.S.

Soni’s XRP Stance Under Check

It is important to note that Soni is a longstanding XRP critic and Bitcoin maxi who has continued to publish biased articles on the token.

Meanwhile, members of the XRP community have largely grown accustomed to his takes, with minimal efforts to counter his negative narratives about the coin.