XRP Will Replace US$ as World’s Reserve Currency: Ripple CTO

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XRP Will Replace US$ as World’s Reserve Currency: Ripple CTO
  • David Schwartz, the CTO of Ripple, believes XRP could emerge as the world’s reserve currency one day.
  • The tech leader believes that much of the world would be satisfied with a currency that no one controls as the world reserve currency.
  • Schwartz admitted that it was a wild-case scenario, but held hope at the same time.

In a recent Twitter Spaces titled “What’s Happening with XRP,” David “JoelKatz” Schwartz, the CTO of Ripple hypothesized a scenario wherein XRP could emerge as the world’s reserve currency.

Speaking about world reserve currencies, Schwartz stated that he believed that a lot of the world was done with the American dollar as the reserve currency. Schwartz argued that several countries were willing to try an alternative to the dollar. “One of my wild case scenarios for digital assets is if countries realize the US currency is not going to be the reserve forever,” said the tech leader.

Schwartz explained, using an analogy of banks, that most smaller banks would want to change a system set by large banks so that the new system would work in their favor instead of being biased and merely catering to the needs of a very few successful and powerful entities. “I think the same thing could happen to nations,” said Schwartz, “like every nation would like their currency to be the world reserve currency. That is how the U.S. economy has grown unfairly by leaps and bounds for decades.”

The tech entrepreneur further explained that smaller nations would know that their currency could never occupy the position of the world reserve currency but would not want to see their competitor countries make unfair progress. This, according to Schwartz, might lead these countries to choose a digital currency, such as XRP, as the world reserve currency as it was controlled by no one, especially not their geo-political rival.

In the Twitter Spaces hosted earlier this week, several prominent XRP analysts, traders, and enthusiasts took part. The group discussed several ups and downs of the blockchain and the remittance token that took place over the past couple of months. The SEC vs. Ripple case was an important part of the conversation, with several members criticizing the regulatory body for its targeted attack on several enterprises in the crypto sphere.