“XRP Could Drop by 98%” – Bitcoin Maximalist Jimmy Song
Following the completion of a 200 million Series C funding that surged the value of Ripple blockchain firm to $10 billion, South Korean Bitcoin developer Jimmy Song has said XRP could see a massive plunge of up to about 98%.
The Bitcoin educator and maximalist made the statement in regards to the recent investment got by Ripple, the company backing XRP, from Tetragon, Japan’s SBI Holdings and Route 66 Ventures, and some others.
Song, in a statement tagged ‘unpopular opinion’, said people doling their funds into the Silicon Valley blockchain enterprise see XRP as their safety net. Nevertheless, the Bitcoin educator furthered that their hope could be dashed.
Jimmy said the value of XRP could fall by 98% at any time, “and there would be enough for Ripple to make them whole.”
The people investing in Ripple the company are counting on XRP as their safety net. XRP could drop by 98% and there would be enough for Ripple to make them whole.
— Jimmy Song (송재준) (@jimmysong) December 21, 2019
The assertion seems like an admonition, but hit XRP investors and enthusiasts very hard. A follower of Jimmy named Dan Hannum said the opinion is rather popular for everyone except XRP bagholders.
Jimmy Song is well known for belittling altcoins. He believes the industry is occupied by Bitcoin and shitcoins rather than altcoins.
Nevertheless, the avid Bitcoin evangelist previously gave a good remark about XRP’s performance in the market. Then, Jimmy said XRP is among the cryptocurrencies that has been performing excellently.
Jimmy classified Dash, Litecoin, XRP, Stellar and Ethereum as cryptocurrency projects that fared well since their entrance into the industry.
In his opinion, the Jimmy felt projects like Feathercoin, Freicoin, Maidsafecoin, Peercoin, Nxt, and Bitshare, among some 4 others have fallen from grace to grass.
“Lesson: shitcoins need a lot of marketing to survive”, Jimmy concluded.
Bitcoin: Investing More Than You will Withdraw in 5 Years is Unwise
Jimmy Song, the author of ‘The Little Bitcoin Book: Why Bitcoin Matters for Your Freedom, Finances, and Future’, advised that if you should invest in Bitcoin, invest wisely.
The Bitcoin expert, despite his extreme love and believe in the digital currency, implored investors to be cautious when pouring in their funds. He proclaimed that investing in Bitcoin more than they can pull out in the next 5 years, can be regarded as an unwise decision.
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