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.
Let us face the hard truth of reality now. I may sound crazy and stupid or even redundant but I am crystal clear with what I am seeing in the current financial system’s situation of this pandemic plagued era we are living now. The Central Banks all over the world suddenly got interested in cryptocurrencies and the technology it brought. They have entered in and taken the race for their own CBDCs or Central Bank Digital Currencies, it is like saying, “Hey Joe, look there is a rapid increase of cryptocurrencies usage in this very times of pandemic, I guess it is time to digitalize our fiat currencies now”.
To further support my claims, the IMF or the International Monetary Fund has been pushing the adoption of cryptocurrencies over the years. You may read my other article about it:
In fact, ECB's Christine Lagarde has been talking about pushing Digital Euro. Checked her statement from this video below:
If these news are not yet convincing enough, open your eyes people! A lof of businesses and financial institutions all over the world are already adopting the usage of cryptocurrencies.
I have been researching a lot since I have entered the crypto world especially with my XRP investment. I am putting all my eyes and ears on the news headlines, even listening over the hyped and wild speculations of XRP in YouTube. The future of finance is slowly evolving right before our very own eyes now. A lot of people do not have this idea of what I am sharing in this article so it will be a plus if you have read this in advance.
Fiat currency has clearly failed. It never solved the issue with Inflation. It is still on experiment and yet again it worsened the problem with how financial system should work. Remember the 2008 US Financial crisis prior to Bitcoin's inception? Coincidence? We should all ask the legendary Satoshi Nakamoto to explain the matter.
Since former President Reagan declared the complete removal of Gold-backed US dollar, inflation has gotten worst. It should have stayed with that safe-haven gold backed system if I were to be asked.
I even watched current President Donald Trump on a Twitter video couple of months ago that he wants the FED to return to the gold standard.
I will now focus in the remaining parts of this article about the need for a global reserve cryptocurrency. Think of it this way, right now we do have a universal language and fiat currency right? The US dollar is the world’s reserve fiat currency as to English is the universal language, am I correct again right? Okay, why do they exist? Until now FED keeps on printing lots of US paper! The answer is simple, every nation that has no connections with each other, whether it be political, geographical or religious affiliation, whatsoever, needs something for a bridge. This bridge is the medium of exchange between two different nations. Have you ever wondered why in Forex Trading markets alone, the US dollar is the most traded currency? It even has 4 major trading pairs namely Japanese Yen, British Pound, Euro and Australian dollar. Of course, English is the world’s universal spoken language.
Now, if the time for the need of a global reserve cryptocurrency arrives. Take note that at this time I am confident that all crypto regulations are out, no more hindrances along the way. If all things are setup according to plan, the biggest and most promising candidate for this position is no other than XRP. Of course, who does?
Ripple Lab’s, the company behind the XRP, has been working for years establishing connections with the big banks all over the world even partnering here and there across different companies to name. Rumors has it that Ripple has already made partnership with Google and Amazon. That is a time bomb waiting to explode!
I even mentioned from one of my articles that micropayments will be XRP’s end-game:
One of the current news I kept on hearing over the internet is that Ripple will move out of US seeking UK as its new home-base where the lack of crypto clarity in the US has been a blockage for the company.
Regardless of the XRPUSD’s price which is sitting around 0.2560+ at the time of writing this article, I want to pinpoint some of the major qualities of XRP as the Global Reserve Cryptocurrency among the rest:
• SWIFT financial system is slow, outdated and expensive. The reality is that that the banks will continue to exist for many years to come and will evolve like we are seeing with one of the world’s first ever crypto bank, the Kraken. This is quite alarming in some sense. A lot of people don't understand cryptocurrencies at all!
• XRP is the fastest cryptocurrency in the world in terms of transaction speed. Built for cross-border-settlements paid in seconds. It is not a joke that Banks are doing millions in dollars for their transactions everyday! By using the XRP as the cryptocurrency to deal these huge transactions, they save a lot of money and time. Built for business, meant for business.
• Even if Ripple Labs company cease to exist, the XRP which is built on the XRPL or XRP ledger that is open-source will continue to exist. It was even publicly told by Chris Larsen, one of the Ripple Labs go-to guy.
•XRP’s DeFi feature will be unlocked once its utility fork out this coming December. This attracts the banks and other money crazed institutions even more. Details of that here:
• Like the US dollar, XRP will serve as the bridge for the fiat to cryptocurrency exchange and vice versa. Solely because of its extremely fast transaction speed in seconds solving volatility issues and almost free to 0 transaction cost yet the exchanges are greedy spreading fees for that. I don’t have to tell the details but I know all about it. I am trading XRP and other altcoins in Binance that is why I know folks.
Overall, there will always be the need for a reserve cryptocurrency standard even in digital banks soon. Only time will tell to prove my crazy speculations here.
I am not trying to say that the king coins like Bitcoin and Ethereum are not legitimate candidates! They are just not built for inter-digital bank to bank transactions because they are slow and the transactions to be done in their ecosystem is very expensive which is a big no for financial institutions like the Central Banks of the world.
Take note to read again my disclaimer above please!
Once again, for me the XRP will be the destined cryptocurrency as the Global Reserve Cryptocurrency. The standard once everything is set into place.
Thanks for reading until the end.
God bless!
Nice article