Will XRP hitting $15 really help you? Should we assume this is just another ruse for the rich to get richer? It continues to make it harder for the rest of us, especially in developing countries. We shouldn’t without directly posing these hard questions, simply rejoice in Ripple’s SEC victory and their expected price increase riches. The Penn & Teller of hype The hype is indeed deafening, but let’s discuss some of the potentially disastrous unintended consequences no one is daring to discuss.
$15 XRP: Who REALLY Benefits?
Yes, XRP is up to $2.37 today, and yes, some analysts are forecasting it going all the way up to $15. Sounds great, right? Think about it. That same $1,000 investment at today’s price would be worth $6,329 if it were to explode to $15.
Just who is in fact holding large amounts of XRP. Or are we talking about Emily in Ghana, who can’t afford to buy food on a daily basis? Or are we serious about making it possible for institutional investors and wealthy people to take a risk with huge crypto positions. Let's be real, it's probably the latter. Retrospectively granting a huge jump to $15 mostly advantages those who already possess massive amounts, worsening the wealth gap that’s already staggering.
Think of it like this: it's like a rising tide lifting all boats, but some boats are yachts and others are leaky canoes. And yet, although the yachts are making graceful headway, the canoes are even now sinking. The rising tide of crypto hype too often drowns out the voices of the folks who could benefit from it most.
SEC Settlement: Fairness for Whom?
Ripple paid $50 million to settle with the SEC. This penalty is nothing more than a slap on the wrist next to the quarter billion dollars the SEC originally requested. This is being celebrated as a victory for regulatory clarity. Let's reframe this. Is this a blanket win for every crypto project? Or is this just a victory for the better-funded company that could afford to fight back? Does this set a precedent where only the big players can navigate the regulatory landscape, while smaller projects get crushed?
It is similar to Nkrumah’s own attempt to find the right balance between freedom and people’s needs. We need regulations, and we should be writing regulations that favor the weak over the strong. Are we building a club where the elite get to draft their own rulebook? Are we seeing regulatory capture in real-time? This is a fundamental question we should all be asking ourselves.
Consider the implications. Regulatory clarity shouldn’t be something only acquired by those who can afford to fight expensive legal wars. Without this accessibility, we do not achieve equity. We’re cementing the hegemony of incumbents, shutting out things that might really innovate and leaving aimed at smaller, more innovative projects in the rear view.
The Forgotten Voices in the Crypto Boom
What impact will this have on the billions of people in emerging economies. They face unique challenges of having unreputable internet, little if any financial literacy, and lack the basic infrastructure needed to access the crypto world.
The story we hear about crypto most often focuses on the tech innovation and the need for financial freedom. For most, it’s yet another system they’ve been pushed out of. We rejoice in the possibilities offered by decentralized finance. We need to address the centralized inequities that continue to prevent so many from joining us at the table.
We need to hear their voices. But we need to understand how crypto can be used to foster inclusivity. Let’s make sure it’s not just used as another way for the rich to get richer. Are we creating a future that benefits all Americans or just a lucky few? In doing so, are we just recreating the same inequalities but calling it innovation?
The power for XRP to get to $15 is exciting! We need to be realistic and think through the potential impacts. We need to advocate for regulations that promote fairness and inclusivity. This should remind us of our special obligation to help combat wealth inequality, not make it worse. There’s one thing the crypto community needs to do. Let’s not make this a technology that only the privileged few get to enjoy.
Let’s make sure our drive for profit doesn’t pull us further from care. Together we can ensure that this new crypto revolution does not leave our most vulnerable population behind. Like it or not, that is the true challenge, and the true measure of our success.
