Ripple Likely to Benefit from the Biden Administration
Brad Garlinghouse, the CEO of Ripple, has in an interview with CNBC’s Julia Chatterley said his network stands to benefit from the Biden Administration. Under Joe’s tenure, there will be an increased focus on climate change and energy efficiency. Unlike Bitcoin--which is generally energy inefficient, prone to centralization, but secure, Ripple has better throughput and is more energy-efficient. Combined with its effectiveness, it could find true utility as institutions that transact trillions of dollars use its rail for fund transfer.
Bitcoin may be secure and be a digital store of value. However, the US intelligence community is concerned by its level of centralization in the hands of China, reports show. Ripple, on the other hand, is pre-mined and despite claims of control by Ripple Inc, a clear decentralization plan is being executed to diffuse power away from Brad Garlinghouse-led Ripple. Other than this, Ripple is more energy efficient, focused on remittance in a transparent, cheap, and inclusive manner. Over 300 banks are connected to RippleNet with a few using the ODL for cross-border fund transfer.
Impact on the XRP Price:
Neutral. Ripple and Bitcoin have different architectures and client-base. Therefore, whether Bitcoin is inefficient or not can't impact XRP prices until when governments will begin censoring mining farms.
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