Institutional interest is where Squire's argument breaks. When a spot ETF sells a new share, the fund has to go and buy XRP on the open market to back it, so every dollar going into those funds is a dollar buying XRP. Ledger usage works differently, because someone sending a payment over the network never buys the token to do it.Before Doomberg published a word, its team spent long careers in heavy industry, private equity, and the hard sciences . They take no advertisers and serve no institution — which is ...