There is a new set of Ripple’s maximalists which seem to be coming out in the crypto space and they seem to have unlimited funds.
The CEO of the Japanese financial organisation SBI Holdings has said that he is very bullish on Ripple’s native token XRP and wants to help it take over Bitcoin when it comes to market cap.
Yoshitaka Kitao has been quoted saying that “because the fundamental value (of Bitcoin) is zero, it falls by 80% from the peak. This is rare in the stock market and others. It has been said from the long ago that the rule of the rice exchange rate, even if it fells, it is said that it will almost stop at “half price eight odd discounts,” but it continued to fall without stopping. After all, it is because there is no fundamental value.
There is basically no value for Bitcoin. The fact that Bi coins are going to be used more and more in practical use is not easy when it comes to that price. So I think that ‘XRP’ in the crypto world is probably the number one crypto asset.”
In addition to this, Kitao has also noticed that many financial service firms are being introduced to xRapid and is encouraged by over 200 companies that have so far signed up for RippleNet.
Is Bitcoin still searching for purpose?
This might sound a bit deep but one of the more exciting points that the CEO made was that he thinks that Bitcoin is “still searching for a use case, whereas XRP already has utility as a tool for making faster and cheaper cross border payments.”
The reality of this is that Bitcoin’s use case is a lot more dynamic than that of XRP’s. It’s worth noting that at first sight, XRP seems as though it doesn’t have utility.
Not only can the leading cryptocurrency be used for cross-border payments but it can also be used as a medium of exchange between buyers and sellers as well as a store of value.
Why Ripple isn’t on Bitcoins Level
The brand awareness that Bitcoin has is significantly higher than that of XRP’s. The main reason behind this is because Ripple is centralised (or so people say). If they ever hope to get on Bitcoin’s level, they might need to offer something that has a global appeal aside from just getting rich off lucky investments.