Finance industry veteran Rajat Soni has publicly criticized XRP, calling it a "scam" and asserting that banks will never adopt it. Soni's main critique centers on XRP's lack of decentralization, as he claims that Ripple, the American payment firm, largely controls the cryptocurrency. He believes that this concentration of ownership leaves XRP vulnerable to price manipulation and poses a risk to potential users, specifically financial institutions. Soni also argues that Ripple has the ability to alter the XRP code and issue more coins. He claims that these factors make XRP unattractive to banks and that the belief that banks will adopt XRP is misguided. In contrast, Soni praises Bitcoin for its decentralization, open-source code, and growing global adoption. He highlights Bitcoin's resistance to control or manipulation due to its diverse ownership distribution. Soni also notes Bitcoin's use in countries without accessible traditional banking systems.



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