The chief technology officer of the blockchain platform Ripple, David Schwartz says that it is now time to “seriously consider”offloading coins from the bag.
The cryptocurrency market has been roaring yet again. The collective market cap was currently towering at $2.22 trillion while Bitcoin’s price drove well above $64K for the first time ever as Coinbase awaits its debut on Nasdaq.
While some might argue that this is not a time to sell, and rather side with the ongoing accumulation trend despite the high prices on the charts, Ripple exec, on the other hand, asserted that buying is not “morally superior” to selling and that selling is not selfish. His tweet read,
“This is probably going to be my least popular tweet ever, but: If you have life-changing amounts of cryptocurrency, please take some time to seriously consider selling some to reduce your risk and exposure. This is not any kind of prediction about what the market will do.”
Schwartz went on to acknowledge that he has been consistent in “de-risking” for many years now. While he wishes that it had not been the case, the exec poined that Bitcoin, Ethereum, XRP, Stellar, and probably many more are currently at prices that mean people might have “life-changing amounts at risk”.
Having said that, the Ripple CTP did clarify that he was not making any kind of predictions regarding the cryptocurrency market.
“I definitely was not making any kind of future prediction there. I have no particular sense of what the market is going to do. I wish I did.”
XRP has been performing exceptionally well in the market and even established a three-year high. The crypto-asset was currently priced at $1.81 after amassing gains of more the 93% over the past week. It has remained fairly unfazed by developments with respect to Ripple and the Securities and Exchange Commission [SEC].
Just yesterday, Judge Sarah Netburn had reportedly granted a motion to dismiss SEC’s request that sought years’ worth of financial records belonging to the executives of the blockchain company.