DISCLAIMER: I am not a financial advisor. All contents on this blog are solely my own personal views and for Cryptocurrency Trading education/entertainment purposes only. Cryptocurrency Trading is very risky. Losses can exceed deposits. Enter with discretion.
Good day to all!
I hope you are having a wonderful Tuesday despite we are seeing lots of reds going on the stock markets as well on the crypto markets.
With that being said, I want to share this very hot news right now just out this morning about OCC Brian Brooks tweeting out banks can hold stablecoin related assets for customers!
Brian is not yet done and he still has something up his sleeves! Good job! ;-)
In fact just 2 months ago, he also declared banks can already provide custody services for cryptocurrency holders.
Read this news if you missed it:
https://www.wsj.com/articles/banks-may-provide-safekeeping-of-cryptocurrency-occ-says-11595632512
So if you ask me is this a good news for cryptocurrency fanatics like the traders, enthusiasts, holders/hodlers like me? YES! 100%!
Read my title. a BULLISH news! :-)
Even all cryptos suffered heavy sell-offs yesterday including today, this piece of news we just received right now is a neutralizer. I am seeing it that it will give a positive price impacts to all cryptocurrencies especially the XRP wherein the Ripplelabs network been working quietly with the banks.
It is obvious that the OCC Brian Brooks is PRO-crypto and he wants banks and people to adopt the use of it. And personally, I liked this move he made once again aiming to push the usage of cryptos. I am speculating that this will greatly benefit the XRP and I will say I am being biased for this. I am not going to hide it. ;-)
I WILL NOT SELL ANY XRP I HAVE RIGHT NOW despite price dropping continues!
So before I close this article, I will give a quick short overview about what is stablecoin:
Stablecoin is a type of special cryptocurrency that is backed up by a real fiat money like the Tether or famously called USDT. It has a close value 1:1 ratio with the world's reserve currency, the infamous US dollar.
So they have same functions and properties like the Bitcoin and the rest of decentralized cryptos including the controversial centralized XRP coins.
More info here:
https://en.wikipedia.org/wiki/Stablecoin
Lastly, I think Bitcoin will be in trouble as it works to kick the banks out but I might be 100% wrong. Bear with me this wild speculation.
So here are the news resources as basis of my article for today:
https://www.americanbanker.com/news/banks-can-hold-stablecoin-related-assets-for-customers-occ-says
Don't forget to share your thoughts below the comments and like/share this article.
Have a great day ahead and God bless!
I'm a Ripple (XRP) and BCH holder too, what is your advice, should I keep my XRP or trade it to BCH? If there's a sign that XRP will bullish this last quarter, I will gonna keep it and wait for that moment. Thank you for informing and keep updating us about crypto's.