Financial commentator Gary Cardone has sparked controversy in the cryptocurrency world by labelling XRP as “COVID-19 Part Two in finance.” His sharp criticism comes amid unconfirmed rumours that the European Central Bank (ECB) may consider the XRP Ledger (XRPL) as the foundation for its upcoming digital euro project. Although the ECB has not made any official statements confirming this, the speculation has stirred debate across both XRP supporters and critics.
Cardone’s Harsh Critique: “XRP Will Partner With Oppressive Forces”
Cardone took to social media to accuse XRP of being opportunistic and willing to align itself with authoritarian institutions for survival. He claimed XRP would “take any path it needs to survive,” even if that includes working with what he called “some of the most oppressive people on Earth.”
Specifically, Cardone directed his criticism at ECB President Christine Lagarde, whom he mockingly referred to as “Ms. Cringe.” He accused her of attempting to turn Europe into a “prison continent,” driven by centralised control through tools like central bank digital currencies (CBDCs). According to Cardone, XRP’s potential role in the ECB’s strategy amounts to a betrayal of crypto’s foundational principles.
Cardone’s most incendiary remark came when he likened XRP to a second wave of COVID-19, dubbing it “COVID-19 Part Two in finance.” He added that supporting XRP is equivalent to voting for European warmongers, drawing an ideological line between those who embrace decentralised finance and those who support institutional integration.
Ideological Divide: Crypto Values vs. Institutional Adoption
Cardone’s remarks underscore a growing ideological divide within the crypto space. While some in the industry celebrate Ripple’s efforts to gain institutional traction, others view partnerships with governments and central banks as a threat to decentralisation and privacy.
Many crypto purists argue that CBDCs represent financial surveillance tools and oppose any form of centralised monetary control. For this group, any crypto project aligning with entities like the ECB contradicts the very ethos of blockchain technology.
On the other hand, XRP supporters believe that collaboration with traditional financial institutions enhances the real-world adoption and utility of XRP. For them, blockchain can coexist with legacy systems, helping transform them from within.
XRP Community Pushes Back Against Cardone’s Claims
Following Cardone’s post, several key figures in the XRP community quickly responded, dismissing his statements as exaggerated, misleading, and factually incorrect.
Robert Doyle, also known as Crypto Sensei, clarified that no official confirmation exists regarding XRPL’s involvement in the ECB’s digital euro initiative. He reminded the public that although the ECB has expressed readiness to launch a digital euro, pending European Parliament approval, it has not selected any underlying technology.
Doyle also pointed out that Ripple has already partnered with several central banks, including those in Palau and Georgia, for CBDC pilot programs. However, these partnerships do not indicate that XRP or XRPL has secured a role in the ECB’s strategy.
Fact-Check by Moon Lambo and Bill Morgan
Another prominent voice, Moon Lambo, accused Cardone of falling for fake news or deliberately spreading misinformation. He cited the official ECB website, which confirms that no platform decision has been made and that a digital euro hasn’t even been finalised.
Moon Lambo suggested that Cardone suffers from “XRP Derangement Syndrome,” arguing that he wants the narrative to be true because it fits his tribal view of crypto, where XRP is portrayed as the villain. He urged Cardone to uphold journalistic integrity and warned that misinformation like this harms public trust.
Similarly, crypto attorney Bill Morgan added a layer of irony to the discussion. He noted that labelling XRPL, a public and permissionless blockchain, as a tool for authoritarian control reveals a misunderstanding of how decentralised networks operate. Morgan highlighted that anyone, including central banks, can build on XRPL without Ripple’s permission, just like Ethereum or Bitcoin.
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No Official ECB Announcement on XRPL Integration
As it stands, the European Central Bank has not officially chosen XRPL or any blockchain platform for the digital euro. The speculation remains unverified, and several options may still be under consideration. Nevertheless, the intense debate reveals how deeply politics and philosophy now influence discussions about the future of blockchain.
