Schwartz mentioned this was how they got the name for XRP on rippletalk back in 2014
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A currency code is generally built from the two-digit ISO 3316 country code and a third letter for the currency. Although "BTC" is often used in the Bitcoin community, BT is the country code of Bhutan. An X-code reflects currencies that are used internationally. Hence the XBT!
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RAPID, SIR! RAPID!
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