The cryptocurrency community is abuzz with skepticism following Ben Armstrong’s recent claim that JPMorgan, a global banking powerhouse, has invested heavily in XRP. Armstrong, a notable figure in the crypto world, suggested that the bank acquired over 7.5 million XRP tokens. This statement, intended to highlight JPMorgan’s growing interest in digital assets, particularly XRP, has been scrutinized due to its apparent factual inconsistencies.
Industry experts question the validity of Armstrong’s statement
Matt Hamilton, former director at Ripple, along with other industry analysts, has doubts about Armstrong’s claim’s credibility. Hamilton pointed out that JPMorgan’s alleged purchase of 7.5 million XRP tokens would represent a negligible 0.0075% of the total XRP supply. This proportion hardly suggests a significant market impact or a strategic shift by the bank.
Further analysis reveals a more striking discrepancy. Armstrong’s claim implies that the investment accounts for about 7.5% of JPMorgan’s total wealth. However, considering JPMorgan’s reported total assets of $3.89 trillion in 2023, the value of 7.5 million XRP (approximately $4.46 million) would constitute only a tiny fraction of the bank’s wealth, starkly contrasting with Armstrong’s assertion.
Previous misinformation and the need for credible sources
This incident is not the first of its kind in the crypto sector. Similar unverified claims regarding JPMorgan’s involvement in XRP emerged last year but were quickly dismissed due to a lack of substantiation and mathematical errors. These recurrent narratives, often lacking credible sources, highlight the necessity for accurate information in the highly speculative cryptocurrency market.
The current controversy has led some to question the reliability of Armstrong’s sources and even the possibility of his account being used to disseminate misinformation. As the story unfolds, it underscores the critical need for verifiable facts, especially when involving major financial entities like JPMorgan in the volatile cryptocurrency world.