The analyst, who has a large following on YouTube, announced the altcoin, which he calls better than Bitcoin.
Famous cryptocurrency investor Ben Armstrong, who has a large following on Twitter and YouTube, continues to defend XRP despite Ripple’s ongoing lawsuit with the United States Securities and Exchange Commission (SEC).
Popular cryptocurrency analyst Armstrong stated on Twitter that Ripple is a better digital currency than Bitcoin. He also mocked his followers with Armstrong’s tweet:
Here is a super long and thorough thread explaining one of the most complicated things in crypto to understand:
WHAT MAKES #BITCOIN THE GREATEST ASSET IN THE HISTORY OF MANKIND$BTC
👇👇👇
— Ben Armstrong (@Bitboy_Crypto) June 18, 2022
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“Ripple holders will become rich”
Although Armstrong has stated in his Twitter bio that he is a fan of Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), and Ripple (XRP), he has always been a supporter of Ripple compared to other digital currencies on the list.
In the first months of 2022, Armstrong made positive statements about XRP, saying that Ripple holders will become rich.
“Ripple lawsuit may end in 2023”
After Armstrong made the comment, the XRP price dropped drastically as the lawsuit against Ripple continued.
Like other digital currencies, XRP has been badly hit by unfortunate market events including rising inflation, the Terra and Celsius Network events.
Interestingly, XRP remains strong despite the token’s massive crash as investors expect a positive outcome in the case will cause the cryptocurrency’s price to rise.
Currently, legal analysts expect the Ripple trial to be concluded by March 2023.
William Hinman, former Director of Corporate Finance, SEC, gave a speech on June 14, 2018. While doing everything he can to preserve internal documents regarding his speech, attorney John Deaton said the agency could be forced to settle before next year if the court decides.
What is Bitcoin?
Bitcoin runs on a public blockchain ledger that supports a digital currency used to facilitate payments for goods and services. The Bitcoin network is based on the concept of Blockchain, a public ledger of verified transactions and record keeping.
Miners are constantly verifying transactions and adding them to the Bitcoin Blockchain. In exchange for the time and computational power required to verify ledgers in this way, miners are rewarded with BTC after successfully verifying transactions.
What is Ripple?
XRP is the native cryptocurrency for products developed by Ripple Labs. Its products are used for payment settlement, asset exchange, and remittance systems that work like SWIFT, a service for international money and security transfers used by a network of banks and financial intermediaries. XRP is pre-mined and uses a less complex mining method compared to Bitcoin.
