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Peter L Brandt, the veteran investor condemns XRP because Ripple is its ‘Bag holder’

Photo of: Sangeetha Golchha
by Sangeetha Golchha

Peter L Brandt is one name that everyone associates with a veteran investor in stock and commodity. He entered the commodity trading business in 1976 with ContiCommodity services. In 1980 he introduced Factor trading co. Inc and was primarily engaged in trading proprietary capital. The much-known old-school trader has now expanded his expertise from the stock and commodity markets to crypto. He is particularly watchful of the trends of Bitcoin and other top coins. 

Lately, Peter L Brandt took to Twitter and stated that he does not trust the XRP market because the biggest holder of it is Ripple which holds more than half of the XRP coins. He also went on to clarify that the news doing rounds about one of Ripple’s board members Yoshitaka Kitao has been elected as the economic advisor by the Japanese PM is absolutely false and fake news. 

Source: Twitter

In the above tweet, Brandt implies very explicitly that he has no trust in a market that has such a huge bad holder which is Ripple in this case. As per the latest information, Ripple owns a whopping 60% of the total XRP in supply today. The initial conversation on Twitter started in an altogether different note. The initial discussion was on him commenting on a report about  SBI Holdings CEO Yoshitaka Kitao being picked as the economic advisor to Japanese Prime Minister Yoshihide Suga. Coincidently the CEO also happens to be one among the board members at Ripple Blockchain. 

He attacked the news calling it fake and with it, the post was inundated with critics from the XRP community. The discussions and arguments although took in a healthy and respectful manner. 

In one of the reports in leading publications yesterday, it was reported that Suga and Kitao are on good friendly terms and that the former has been elected to lead the nation after Shinzo Abe recently resigned due to prolonged health issues. In the same twitter comment thread as given above, there was an opinion shared by a user that financial giant SBI Holdings has approximately 60% of Japanese banks under its control. This could be a great catalyst for increased XRP adoption by these banks in Japan. The new opinion was given by a fundraiser cum investor Dave Lui.

XRP has many takers and counts among the top 5 largest crypto assets by market capitalization. It is touted to be the sole bridge between banks and cryptocurrency. There are many crypto enthusiasts who do not believe in XRP and think that the distributed ledger is extremely centralized. 

As of now, XRP stands at a circulating supply exceeding 45 billion tokens each worth 0.2486. The token’s value is much higher than the first 5 years of its existence when it traded for less than a U.S. penny during much of the period. A look at the stats below will give you its latest position:

Source: Markets.Bitcoin

The current rank of XRP in terms of market cap is 4th while its market cap has evolved hugely in the last 5 years.