The CTO of Ripple, David “JoelKatz” Schwartz, made a scenario-based prediction in a recent Twitter thread titled “What’s Occurring with XRP,” where he suggested that XRP might become the global reserve currency.
Speaking of global reserve currencies, Schwartz stated that he thought the US dollar served as the reserve currency for the majority of the world’s transactions. According to Schwartz, a number of nations had been eager to test out an alternative to the dollar. One of the tech executive’s “wild case scenarios for digital assets” is that nations realise that the US dollar won’t always be the reserve currency.
Using the example of banks, Schwartz explained that most smaller banks would want to change a system established by large banks so that the new system would work in their favour instead of being biassed and merely catering to the needs of a small number of profitable and highly effective entities. According to Schwartz, “I think the same thing might happen to nations, like each country would really prefer their currency to be the global reserve currency. That’s how the American financial system has been expanding exponentially and unfairly for many years.
The software entrepreneur went on to say that smaller countries would understand that their currency will never hold the position of the world reserve currency but would not want to see their rival nations advance unfairly. According to Schwartz, this may drive these nations to choose a digital currency, like XRP, as the global reserve currency because it was controlled by no one, especially not their geopolitical rival.
Several eminent XRP experts, traders, and enthusiasts participated in the Twitter Areas that were held earlier this week. The group discussed various blockchain and remittance token ups and downs that occurred during the last several months. The SEC v. Ripple case was a key topic of discussion, and several participants criticised the regulatory body for its targeted attack on several crypto businesses.
