On the occasion of 10th anniversary of the Bitcoin (BTC) genesis block on January 3rd 2019, the CEO of Coinbase, Brian Armstrong had given his voice in the form of a remark to a discussion thread initiated by David Schwartz, the Chief Technology Officer of Ripple and the other proponents of XRP.
Armstrong had opined on twitter:
“Bitcoin is one of the most important inventions of all time and has launched a global movement. It’s awesome to see an entire ecosystem spring up around it, but Bitcoin is my first love.”
This was a remark in reply to David Schwartz writing:
“Banks are where the value is today. We need bridges to where today’s value is if we’re going to get mass adoption. The internet got most of its early growth from the military and existing centralised information services for much the same reason.”
Schwartz writes at a time when Ripple is at its best and occupying the second position in the CoinMarketCap and also partnering with multiple banks in the financial sector. It had also been reported that Ripple had been successfully creating tie-ups at the rate of one bank per week. However, a user wanted to know whether Ripple depends upon the price of XRP to rise or not. To his reply, another report stated that:
“When bitcoins sold for $1, you couldn’t really use them to buy or sell a house. You can now. Bigger transactions require a bigger value. The higher the price of XRP, the larger the payments Ripple can target.”
Added to all the positivity regarding XRP, there also had been some negative feedback too. Some users even went to an extent to call XRP a ‘cute little fiat token.’
“XRP was also in the news recently when TRX/XRP pair was launched on Bitrue, a Taiwanese cryptocurrency exchange. Bitrue had also said that they will be announcing the remaining four pairs by the end of this week.”
Even though Ripple (XRP) could not clasp on to the second position by permanently replacing Ethereum (ETH), it had been successfully trading at $14,572,548,212, priced at $0.357222 with a circulating supply of 40,794,121,066 at the time of writing.
Also at the time of writing, the market is faring considerably low and Ripple had recorded it’s weekly performance in red at the rate of 4.56%, Bitcoin being trading at a loss of 1.13%.
Perhaps it would be a good idea to pay heed to the views of David Schwartz regarding building of bridges to bank to attain mass adoption which may put an end to the current situation of more money being flowing away from the market than what is being added in the real time for XRP and to some extent, the whole of the crypto market. XRP had been one of the most dramatic and successful cryptocurrency in the whole of 2018. The not much dramatic fall to the 3rd position in the beginning of 2019 could not waver the trust of the users on the whole. In fact, its progress has been predicted throughout the year.