- Mark Yusko commented that he is struggling with Ripple Labs and XRP.
- The investor added that though Ripple Labs boasts about a massive adoption of the token, there is little evidence.
- Yusko placed Bitcoin and Ethereum at the first and second position of the top cryptocurrencies respectively.
In a recent video, Mark Yusko, the Chief Investment Officer and Managing Director of the investment management firm Morgan Creek Capital Management, commented on the lesser adoption of Ripple’s XRP compared to other cryptocurrencies like Ethereum (ETH) and Solana (SOL). While the crypto researcher Darren MooreJr enquired Yusko about his perspectives on XRP Ledger, the latter simply commented, “I’m struggling with XRP”.
On August 9, MooreJr uploaded a video entitled “Exclusive Interview with Mark Yusko: The Recession You Didn’t Even Know Happened!”, in which Yusko shared his insights on the crypto market, and XRP, Ripple, and Bitcoin in particular. Yusko pointed out that though Ripple boasts about a massive integration and adoption of XRP, there is little evidence of it. He stated:
If you could get banks and brokerage firms and insurance companies and the like to integrate it, it could work. But at least so far, I can tell there is very little evidence, there’s a lot of announcements with very little behind it.
While Yusko shared his appreciation of the vision of Ripple and its CEO Brad Garlinghouse, he also expressed his objections towards the issuance of XRP, especially “the way they issued it”. He also agreed with the Securities and Exchange Commission’s (SEC) allegations against XRP, classifying it as a security.
Yusko further asserted that in the kingdom of cryptocurrencies, while Bitcoin is the “king”, Ethereum is the “crown prince”. Nonetheless, he stated that the other cryptocurrencies including XRP, Dash, and Monero could be ranked below Ethereum in the third stack, adding that memecoins like Dogecoin (DOGE) are a “waste of time”.
Meanwhile, XRP Productions (XRPP), a popular XRP page on Twitter shared a video clip of the American actor Kevin Sorbo, in which he shared apologies from the former SEC Chair Jay Clayton for the long-held, controversial SEC-Ripple lawsuit. Several months earlier, Clayton had been seen to be supporting Ripple Labs “inadvertently” through his association with Electric Capital, a member of the Crypto Council, which filed an Amicus brief in favor of Ripple in its court battle with the SEC.
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