Pro-XRP Lawyer Takes A Dig At Bitcoin, Calls It Overhyped

Highlights

Pro-XRP lawyer shares a post on X, slamming BTC.
The negative remark on BTC falls in line with a broader narrative surrounding ETH and its potential positioning as a security.
A closer look into the Consensys vs the U.S. SEC lawsuit.

In a riveting turn of events, despite Bitcoin’s super-dominance across the global crypto realm, pro-XRP lawyer Bill Morgan took to a post on X, slamming the world’s first digital currency. According to the post shared today, April 27, Morgan slated Bitcoin to be ‘overhyped,’ sparking a global fervor among crypto market participants.

Morgan’s critique of Bitcoin is not just a standalone comment, but a part of a complex narrative unfolding in the crypto sector. The ongoing legal tussle between Consensys and the U.S. SEC over the security status of ETH has been a hot topic. In this context, Morgan’s contrasting views on Bitcoin’s dominance and altcoins’ witnessing regulatory challenges in tandem flash a new layer of intrigue and complexity in the world of cryptos.

Morgan’s Scathing Critique of Bitcoin: What’s The Scoop?

Scoping in on the lawsuit Consensys filed, suing the SEC for considering ETH a security, Morgan captivatingly draws attention to Bitcoin. Notably, primarily due to Bitcoin’s creators’ identity being an enigma, the token continues to enjoy endless market advantages.

To this, Morgan justifies by adding, “simply because BTC creator/s is/are pseudonymous and the SEC can find no promoters of it even though the token is most marketed,” the digital asset enjoys substantially less scrutiny compared to other coins. Simultaneously, Morgan calls this phenomenon to be a distorted market, underscoring the complexity regulators present the cryptocurrency landscape with. Bitcoin, on the other hand, continues to advance with its cryptographic journey.

Yes, I do, because of the market and regulatory advantages it enjoys that do not arise from fundamentals or the technology but because the regulators can’t find a party to target. That is kind of a strength from a certain perspective but not the type of strength on which an…

— bill morgan (@Belisarius2020) April 27, 2024

Also Read: Former Federal Reserve Adviser Calls Out Trump Allies’ Fed Remodeling Plans

Consensys Vs U.S. SEC

Consensys recently sued the U.S. SEC, filing a lawsuit against the regulatory body to prevent it from deeming ETH a security. The Ethereum developer filed the lawsuit in the District Court for the Northern District of Texas on April 26, marking a notable stride against regulatory scrutiny surrounding cryptos.

However, Steven Nerayoff, ex-ETH advisor, claimed ETH to be a security yesterday, CoinGape Media reported. This has birthed further speculations among crypto market participants as the coexistence of these factors underscores the complexities and distortions within the crypto market. Moreover, as regulatory uncertainties intersect with the unique attributes of individual cryptocurrencies, the broader market dynamics transitions in unprecedented ways.

In the interim, it’s also worth noting Ripple, the company behind XRP, currently battles with the U.S. SEC in courts. The lawsuit alleges that Ripple violated federal securities laws, following which XRP noted a sluggish performance.

Also Read: DTCC Says ETFs With Bitcoin Exposure Will Have Zero Collateral Value for Loans

Recommended
Price Analysis

Best Crypto Presales To Invest In September 2025 – Top Upcoming Presale Tokens

Best Crypto AI Trading Bots In 2025

Top Meme Coins To Buy In September 2025

Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.