A viral video by the YouTube channel Crypto Insight has stirred buzz in the crypto community with claims that a secret U.S. bill will make XRP the backbone of America’s financial system, allegedly forcing major banks to adopt the token. The rumor, supposedly backed by a Bloomberg report, suggests this move could drive XRP’s price to a staggering $60,000.
However, upon investigation, these claims fall apart. There is no record of any such legislation. In the United States, laws that could reshape the financial system undergo a public legislative process involving debate and approval by Congress. No such bill has been introduced or passed, and there are no credible news sources confirming these claims.
Ripple Cannot Arbitrarily Burn 50 Billion XRP
Another bold claim from the video is that Ripple Labs plans to burn 50 billion XRP tokens to induce scarcity and boost price. While the idea of reducing supply to increase demand might sound plausible, it is technically and legally unfeasible in this case.
Ripple’s holdings are locked in an automated escrow system. These tokens are released on a monthly basis according to a transparent smart contract, and Ripple does not have unilateral control over burning such a large amount of XRP. Moreover, any attempt to destroy tokens of this magnitude would require extensive public disclosure and regulatory approval—none of which has been initiated.
A $60,000 Price Tag Is Mathematically Unrealistic
At the time of writing, XRP is trading at around $2.30. The leap to $60,000 would represent an astronomical gain of over 2.6 million percent. For this to happen, XRP’s market cap would need to exceed the global economy, making such projections wildly unrealistic.
Also Read: XRP Dip Sparks Accumulation Ahead of Potential Rebound
Additionally, the video’s reference to a Bloomberg article has been debunked as fabricated. Currently, XRP investors are watching the more plausible $3 mark, a target that aligns with historical price action and market fundamentals.
While XRP remains a popular asset with growth potential, the viral claim about a secret U.S. bill and a $60,000 price point is pure speculation with no basis in reality.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
