People are beginning to lament over some of the archaic banks’ means of running transactions across the world, especially when comparing bank remittance speed which is like the speed of snake to cryptocurrency like Ripple’s, that is as fast as the speed of light.
People are now calling for the deepening of banks into obscurity while raising Ripple into the limelight for use.
What banks said:
The co-head of corporate and investment banking at Deutsche Bank, Marcus Schenck, opines that bank accounts might vanish in a couple of years.
“There’s a thesis that at some stage in 5, 10, 15, 20 years — who knows — accounts will disappear, and be replaced.”
When listening to the speech of high profile bankers on their views about cryptocurrency, one should be prepared to hear that “banks are making all means to wreck cryptocurrency out of the financial industry”.
Then you will begin to wonder why such statement would be exuded. But when you look at the methods which cryptocurrencies use in transacting, we’ll perceive that they pose threat to banks.
In the same line, Shidan Gouran, the President, and COO of Global Blockchain said “If big banks were to succeed in crushing one of these two currencies, Ripple would be it,”
“The main reason for this is because Ripple is much more of a direct competitor to banks. Because it operates more like a transaction network than a currency, it’s a lot more plausible that they will be a target for banks to get tough with. Whereas because Bitcoin operates more like a currency, they don’t pose the same threat.”
Musing over the speech of leader Jamie Dimon, the CEO of J.P. Morgan Chase & Co., the largest bank in America, when he tagged digital currencies as “fraud,” and a “tulip bulb,” one will realize that despite banks’ collaboration with Ripple, they see the currency as threat and they are ready to combat it, they are partnering with the coin for now only because they are left with no choice.
Ripple, with its tools, is showing much capability of burying banks as it operates more like banks in a better way.
With partnerships with many big banks (The list is huge to type, read about it here) we see that banks are already considering ripple as a threat and are partnering with the same as they are left with no other options.
The growing popularity and use case of ripple is a Bullish sign for the XRP token as such. With other good news coming in, it makes Ripple as the sole and the biggest competitor of banks giving direct competition to them.
I believe ripple will be a part of our future for sure, what do you guys think? Let me know in the comment box below.
Also read: Ripple XRP: Why the HODL is worth?