Big banks are striving to crush Ripple and Bitcoin. At least, this impression created when you listen to the speeches of professional bankers.

Last year, for example, the leader J.P. Morgan Chase & Co. Jamie Dimon called the digital currency “fraud” and “bulb of tulips.”

There is a good reason for this.

EVERYTHING OF THE CRYPTOcurrencies IS IN COMPETITION WITH BANKS, ESPECIALLY RIPPLE

“If large banks manage to crush one of these two currencies, it will be Ripple,” said Shidan Guran, president and chief operating officer of Global Blockchain.

The main reason for this is that Ripple is much more competitive with banks. Since it operates more like a transaction network than a currency, it is much more plausible that it will become a target for banks that will act hard. However, Bitcoin, in turn, works more like a currency, it does not represent the same threat.

However, in fact, there are indications that banks are thawing when it comes to bitcoin transactions.

IT IS POSSIBLE TO SAY THAT THE BANKS PRACTICALLY PROMOTE THE USE OF THE BITcoiN, OFFERING FUTURES ON BITcoinS AND ALLOWING TRANSFERS TO THE EXCHANGE AND FROM THEM

(with bank accounts, not with credit cards)

The same can happen for Ripple, as this can be very useful for banks. “I believe that Ripple offers a viable Blochane solution and a huge benefit for banks,” says Darren Marmore, CEO of CrowdfundX.

Thus, we do not believe that essential banks will necessarily crush Ripple or Bitcoin. While banks are actively investing and working on the development of solutions based on blocking, banks will need a little more time to come up with the idea to rely on the cryptocurrency and to make the industry more developed. We believe that banks closely monitor Ripple. It will not happen overnight.

Adoption of Bitcoin and Ripple technology is one thing, and the digital currency instead of national currencies is another.

That is why investors should temper enthusiasm as to what impact marriage can have on large banks and cryptocurrency technologies such as Bitcoin and Ripple.

Leave a Reply