- David Schwartz, Ripple’s CTO, proposes XRP could become the world’s reserve currency, displacing the US dollar.
- He suggests countries might rally behind a currency that isn’t controlled by any single nation, especially a geopolitical rival.
A Currency Shift on the Horizon?
David “JoelKatz” Schwartz, the Chief Technology Officer at Ripple, recently speculated on the potential of XRP to serve as the world’s dominant reserve currency. In a discussion labeled
“What’s Happening with XRP,”
Schwartz expressed his view on the global sentiment towards the longstanding reign of the American dollar as the reserve currency. Pointing to global dissatisfaction with the US dollar’s dominance, he suggested that nations might be more inclined towards a decentralized digital asset, like XRP, which isn’t under the control of any single entity.
I'm not sure most people realize the importance of this video and how it's a confirmation that $XRP will eventually appreciate in price.
Not only did David Schwartz suggest it's a very possible scenario for XRP to become a world reserve currency. But he clearly said that if it… pic.twitter.com/Ja7JTHRiB8
— 🅢🅣🅐🅡🅩 (@burningstarz) September 3, 2023
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Drawing a parallel with the banking sector, Schwartz expounded that smaller banks, often overshadowed by banking giants, would favor a shift in the prevailing system to better balance the scales. He believes a similar sentiment exists among nations, stating,
“Every nation would prefer their currency to be the world reserve currency. This very aspect has unfairly propelled the U.S. economy for decades.”
Schwartz continued by highlighting the aspirations of smaller countries. Aware that their national currencies may never ascend to the status of a global reserve currency, they might nevertheless be wary of a rival nation’s currency acquiring such a status. For these countries, rallying behind a neutral, decentralized digital currency like XRP might seem a strategic choice.
The aforementioned discussion, hosted on Twitter Spaces, saw participation from a myriad of XRP enthusiasts, traders, and analysts. The dialogue traversed various facets of the blockchain, focusing on significant events surrounding XRP in recent months. Notably, the SEC vs. Ripple lawsuit emerged as a heated topic, with many participants condemning the regulatory body for its perceived aggression towards several crypto-based enterprises.
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