“Bitcoin Will Follow A Path Similar To Gold Followed In 2008”: Ripple CEO Announces
Ripple CEO Brad Garlinghouse said that the current state of the global economy is in a position to rally the Bitcoin ( BTC ) and general crypto market.At a virtual meeting posted on YouTube, Garlinghouse said he expects the economic stimulus measures in the US and abroad to have a negative impact on the US dollar in the future:
“I think the government incentive has approached $ 3 trillion levels, even in the US alone. While this amount will continue to grow and is necessary to prevent an even more important macroeconomic disaster, I think the incentive will definitely have a big impact in the future.
I believe that this will result in the depreciation of fiat money. We even see this in some emerging markets, and the exchange rates have started to change. Garlinghouse pointed out that Bitcoin was designed for a financial crisis and stated that it has been doing well for this purpose so far. The crypto movement has created digital alternatives to gold, and that the crypto markets as a whole are from the financial crisis; He believes that after the 2008 financial crisis, he will benefit as seen below:
“It is important to remember that Bitcoin was created after the 2008 and 2009 global financial crisis.
Gold has been a safe haven presence in many ways. Although it fell at the beginning of the 2008 liquidity crisis, it was seen to be on the rise later, and I think a similar trajectory will be followed in the crypto market in general, and a similar opportunity will be obtained. ”
“Ripple (XRP) is a better asset for payments”
Although Garlinghouse has long said it looks to BTC as a store of value , it argues that XRP is a better asset for payments due to its speed and efficiency. Garlinghouse said that the San Francisco-based initiative will continue to be used in cross-border transfers, despite the increase in demand for digital transactions:
“We will continue to focus on how to use XRP as a truly effective tool for payments… We clearly see how the quarantine situation affects remittance companies. We also saw significant increases in digital players. Various public companies saw a 30-40% drop in their cash-related business; however, digital ventures increased by 80-100%. ”