As a seasoned researcher who has been following the cryptocurrency market for years, I must admit that Brad Garlinghouse’s recent reaction to Grayscale launching an XRP trust was both surprising and amusing. It’s not every day that a CEO uses humor to express his opinions, especially in the world of finance!
Ripple CEO Brad Garlinghouse recently took to the X social media platform to react to digital currency asset manager Grayscale launching an XRP trust.
In a humorous manner, Garlinghouse conveyed his unexpected astonishment and confusion through a popular GIF, which has been widely shared among the XRP community.
Earlier today, Fox Business announced that Grayscale was planning to launch a closed-end investment fund focused on cryptocurrencies.
This could be a stepping stone to eventually launching an XRP exchange-traded fund.
The price of the controversial token has spiked by more than 5%.
According to U.Today’s report, Garlinghouse, the Ripple executive, has frequently asserted that the introduction of a diversified product is not just possible, but unavoidable. He suggested that investors prefer a more varied portfolio rather than being limited to a single asset. Using cryptocurrencies as an example, he likened this preference to someone who invests in gold also desiring access to silver. This way, they can diversify their investments and potentially reduce risk.
The Ripple executive also pointed to the market cap of the token in ordero to explain why it would be potentially considered by ETF issuers.
In the previous year, Ripple’s token obtained regulatory certainty within the United States, as Judge Analisa Torres ruled in favor of Ripple when she didn’t classify secondary XRP transactions as unregistered securities.
At the start of 2021, soon after Ripple was embroiled in a high-profile lawsuit by the SEC, Grayscale sold off its XRP Trust and took the token out of its large-cap portfolio. Nevertheless, the token reappeared in the fund earlier this year.
While commenting on the recent announcement about the XRP trust, Grayscale’s Rayhaneh Sharif-Askary has said that XRP could have the potential to transform the traditional financial infrastructure.
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2024-09-12 21:36