Is Guild Wars a p2w game?

I've been hearing some discussions about whether Guild Wars is a pay-to-win game or not. Can you help me understand the argument on both sides? On one hand, some players argue that the game's microtransactions and in-game currency system give an unfair advantage to those who are willing to spend more money. On the other hand, others argue that the game's balance is well-designed and that skill and strategy are still the most important factors in determining success. What's your take on this?