Unveiling Ripple’s Strategic Narrative Against Bitcoin
Our editorial team, composed of industry experts and experienced editors, is committed to providing trustworthy and well-researched content. As part of our dedication to transparency, we want to inform you about our advertising disclosures.
The Ripple Emails: A Glimpse into Strategic Decisions
Recently uncovered internal emails from Ripple, dating back to 2018, have emerged as pivotal evidence in the ongoing US Securities and Exchange Commission (SEC) lawsuit regarding alleged unregistered securities sales. These documents reveal a concerted effort by Ripple executives and employees to propagate the narrative that Bitcoin is under the control of China. This claim is often labeled as “China FUD” (Fear, Uncertainty, Doubt).
Advertisement Banner
The Narrative of “China FUD” in Ripple’s Strategy
One notable email, titled “China + Bitcoin,” details an internal directive: “This feels similar to what Brad and [Redacted] already say publicly about Bitcoin being run by China.” Additionally, there was a proposal to create an “insights post” that contrasts XRP with other cryptocurrencies. This strategy was aimed at garnering attention as “Ripple’s Response to [Redacted].” However, it was also noted that this approach might contradict existing promotional efforts with exchanges, highlighting a complex internal dialogue on promotional strategies.
Further email exchanges from July 16, 2018, showcase Ripple’s ongoing discussions about framing Bitcoin’s perceived centralization issues. One employee questioned how the Bitcoin-China narrative differed from other ongoing projects, while another suggested a meeting to align on next steps. These exchanges indicate that the “China + Bitcoin” narrative was a deliberate internal talking point, focused on promoting XRP as a decentralized alternative.
This narrative emerged shortly after President Donald Trump announced the US Strategic Bitcoin Reserve. Leaked documents suggest Ripple opposed a “Bitcoin-only” strategy, advocating for a diversified approach that includes XRP, Solana (SOL), and Cardano (ADA). Ripple’s CEO, Brad Garlinghouse, reportedly engaged with the Trump administration to promote this broader inclusion of digital assets.
Public and Private Faces of Ripple’s Lobbying Efforts
Publicly, Ripple’s lobbying efforts have been framed as part of a broader campaign to advocate for crypto-friendly regulations. However, critics argue that Ripple’s behind-the-scenes efforts, as evidenced by the leaked emails, took on an anti-Bitcoin stance. Critics pointed to an October 9, 2018 tweet from Ripple CTO David “JoelKatz” Schwartz (@JoelKatz), which stated: “A new study shows China controls 74% of bitcoin. Does that sound decentralized to you?” This tweet aligns with the email discussions from July 2018, suggesting a coordinated public relations strategy to portray Bitcoin as centralized.
Longtime XRP critic Pierre Rochard, VP of Research at Riot Platforms, Inc., responded on X, expressing disdain for Ripple’s strategies: “I don’t respect David Schwartz, Ripple, or XRP. For the past decade their marketing strategy to hype their pre-mined altcoin has been to buy and promote anti-bitcoin disinformation while pretending that banks want to use XRP (they don’t). They’ll say and do anything to advance their centralized garbage ‘technology’ that has zero utility.”
Rochard further criticized Brad Garlinghouse for attempting to depict Bitcoin as environmentally harmful and controlled by China, labeling it as disinformation. He concluded, “The truth won, he lost.”
Ripple’s Historical Stance Against Bitcoin
Ripple has been historically vocal in its criticism of Bitcoin. Chris Larsen, Ripple’s co-founder and executive chairman, has advocated for a shift in Bitcoin’s consensus mechanism from Proof of Work (PoW) to Proof of Stake (PoS). In March 2022, Larsen funded a $5 million Greenpeace USA campaign, “Change the Code,” to pressure Bitcoin developers and industry leaders to alter Bitcoin’s mining protocol.
Despite high-profile advertisements and a striking art installation by Benjamin Von Wong—dubbed the “Skull of Satoshi”—the campaign backfired. Bitcoin enthusiasts embraced the art as a symbol, subverting its intended message. On March 25, 2023, Von Wong admitted in a Twitter thread that he had been mistaken in viewing Bitcoin’s environmental impact as a simplistic issue. After interacting with Bitcoin advocates, he recognized the complexity of Bitcoin mining’s energy dynamics, acknowledging that Proof of Work could potentially drive renewable energy adoption. He shifted his stance from advocating for a code change to encouraging Bitcoiners to work within the system to make the network greener.
Despite Von Wong’s softened rhetoric, Greenpeace continued to promote its message through the touring skull. At the time of writing, Bitcoin (BTC) was trading at $81,593.
Editorial Commitment
Our editorial process at Bitcoinist is committed to delivering thoroughly researched, accurate, and unbiased content. We adhere to strict sourcing standards, and each article undergoes rigorous review by our team of top technology experts and experienced editors. This meticulous process ensures the integrity, relevance, and value of our content for our readers.
