Modern Wall Street Influencers Believe Bitcoin (BTC) Will Fall But Ripple (XRP) Can Rise Up
Multiple influencers got together in a discussion for Modern Wall Street, giving them the opportunity to talk abut the gold market, and how it impacts Bitcoin and other cryptocurrencies. The main speakers at this endeavor were Jim Rickards (The Death of Money author), Stephen Guilfoyle (Sarge986 LLC founder), Douglass Borthwick (economist), and David Williams (economist).
Though the discussion started with the shift that many countries are making from the dollar to gold, they also spoke about how Swift was easily the reason behind this. However, they also credit Swift to be the reason that consumers are opting for cryptocurrency as well.
Still, Borthwick believed that Bitcoin is not beneficial for the macro environment, nor are the people who decide to get involved with it.
He added, “I think that the holders of crypto or the holders of Bitcoin really have very little understanding of what’s going on in macro environment. They’re buying it because they see that’s the future for a technology as opposed to folks buying and selling dollar, buying, and selling gold to do that because they see this the future of macro-economics.”
Guilfoyle asked the group if young investors see Bitcoin as being a type of “new gold,” and Rickards noted that there are over 1600 cryptocurrencies in effect right now. However, Bitcoin seems to be the biggest, attracting the attention of tax evaders and terrorist. Rickards also said,
“It’ll get to $200 a coin which is kind of residual criminal value but all this stuff about, you know, six thousand dollars, that’s all nonsense.”
According to Rickards, Bitcoin is just one big dead-end, without any kind of scalability or sustainability to keep it going. David William chimed in, saying that crypto is technically transactional, but there is not that value in Bitcoin.
The government has full control over shutting down or attacking a cryptocurrency, especially if they are not meeting the use cases desired. Bitcoin holds no stability in its price, but Borthwick brought up Ripple and the XRP token instead.
Borthwick noted, “There are some cryptos that are working with regulators. Ripple would be an example. I can imagine in the next five years instead of doing sterling against the dollar or sterling against the yen, I can see these transfer transactions with sterling versus Ripple.”
He added, “The reason being dollar right now is a two-day settlement with something like Ripple, you could do settlement in seconds. I think that there is a future there where the guy that is trading in spot FX today will be trading spot FX against Ripple in the next two or three years. So, I think Ripple has a great future because right now it is supported by all the banks and all the regulators.”
When Bitcoin was created, the influencers agreed that Satoshi did not consider the importance of monetary economics.
Realistically, supply should increase as demand does, but Bitcoin only holds a limited number of coins. As the future increases their demand, there will be a point when the supply does not match up.