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

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

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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