Rajat Soni Labels XRP a ‘Slave Coin,’ Criticizes Centralization

Financial pundit and Bitcoin advocate Rajat Soni has once again voiced strong opposition to XRP, branding it a “slave coin.” His comments come in response to longstanding claims that XRP could be adopted by banks globally for various financial purposes. However, Soni believes this prospect would further centralize financial power.

“CBDCs are going to be used to enslave us, and the XRP army wants you to support that agenda?” Soni remarked, emphasizing his concerns about XRP’s association with Ripple. Ripple has been known to partner with governments and financial institutions for Central Bank Digital Currencies (CBDCs) initiatives. Soni argues that such partnerships would give central banks more control over individuals’ wealth.

Soni’s critique extends to the broader implications of CBDCs. “Central banks having more control over our wealth is a threat to financial freedom,” he stated. He sees XRP’s potential adoption by banks as a move that would entrench the power of centralized financial systems.

This is the stupidest shit ever

My goal is to move away from corporations that control the world

Not to give them more of my wealth#Bitcoin is the solution, not XRP

XRP is a slave coin

Ripple is literally working with countries to create a CBDC

CBDC = Central Bank Digital… https://t.co/K0fo2zhvm5

— Rajat Soni, CFA (@rajatsonifnance) September 9, 2024

In contrast, Soni advocates for Bitcoin as a decentralized alternative to XRP and CBDCs. “Bitcoin empowers individuals by moving away from the control of large institutions and central banks,” he explained. While XRP has been praised for its potential to facilitate faster cross-border payments, critics like Soni warn that this convenience may come at the cost of further centralizing financial power, reports Crypto Basic.

Soni’s latest remarks are part of his ongoing criticism of XRP, which he has previously described as a scam coin. He has argued that banks would prefer Bitcoin over XRP and has predicted that XRP would become worthless if banned in the U.S. “Never buy XRP,” he advised, reflecting his strong stance against the cryptocurrency.

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