XRP utility doubts spread as VanEck highlighted missing developer traction while Bitcoin gained official backing.
New XRP ETF debut drew strong volume, suggesting investor appetite despite ongoing utility doubts.
Matthew Sigel, head of digital asset research at VanEck, has expressed skepticism over XRP’s real-world utility even as the token remains a visible player in the crypto market. On X, Sigel wrote,
Dear XRP maxis, I may never understand what your ‘blockchain’ actually does, but I’ll always respect the passion required to pretend it does something.
In a subsequent post, he questioned whether any significant developer activity or meaningful applications are being built on XRP, a factor often used to measure blockchain viability. Sigel contrasted this with Bitcoin, noting widespread adoption by institutional investors, including university endowments, sovereign wealth funds, and even central banks.
Additionally, he pointed out that twelve countries are mining Bitcoin
