SBI CEO Believes XRP Will Rule Them All

Financial Giant SBI is keen to boost Ripple’s reputation and push XRP, so it is ahead of Bitcoin when it comes to its Crypto Market Cap. Now according to the Daily HODL, the CEO of SBI Holdings, Yoshitaka Kitao, is keen to increase and boost the adoption of Ripple’s payment solutions and propel XRP, so it dominates the cryptocurrency market.

In a recent interview with Coin post, a Cryptocurrency news company, Kitao noted that Ripple and XRP will help kickstart the overall crypto market. He even mentioned that:

“Practical use for international remittances using distributed ledger technology (DLT) including Ripple’s digital asset, is getting widespread, and already big overseas companies like Santander and other banks are actually beginning to move. The major money mobility providers are also starting to introduce the use of xRapid, which uses XRP, and the number of companies participating in RippleNet is increasing substantially.”

This is fantastic news and no new surprise when it comes to Ripple and the XRP token. Ripple has been expanding fast and aggressively with over 200 companies in its network for cross-border transactions.

Now Kitao argues that XRP has a clear use and purpose unlike that of Bitcoin which is still searching for its primary use case. He even argued that there is no value for Bitcoin and that Bitcoin’s current price makes it difficult to use in everyday practical situations. And it’s for these reasons that he believes XRP will reign as the number one cryptocurrency asset. Kitao is confident on his decision, which Financial Giant SBI is keen to support Ripple and XRP and make this all happen. He also reiterated his beliefs recently in a speech where he commented on the impact that Ripple and R3 can have on international payments and the future of SWIFT, the existing global payment provider, which he believes have run out of options and have given up on what they can do internally.

Furthermore, Kitao also believes in XRP’s success when he looks to R3’s Corda Settler, which settles transactions between cryptocurrency and traditional assets. R3 announced just last year that XRP will be the first cryptocurrency digital asset that they will use on the platform. In addition to all the partners that Ripple has, the XRP token will, therefore, now be exposed to R3, the enterprise blockchain consortium which houses 200 members and partners across multiple industries.

So what are my thoughts on all this?

I’m definitely bullish and keen to see Ripple succeed and for the XRP token to perform well, however, unlike Kitao’s approach I don’t believe that it’s one coin to rule them all market. I don’t think it’s going to be whether Bitcoin succeeds or Ripple succeeds, but I see a future where there is space for multiple currencies. Each one can dominate a specific niche as it provides a specific purpose.

If we look at Bitcoin and XRP’s approach, they’re both going in very different directions. The XRP token is growing well via Ripple, which is partnering up with banks and financial institutions whereas Bitcoin, as the first cryptocurrency, has greater market share and has penetrated the overall early adopters of the cryptocurrency community. I understand that at the moment, Ripple is more suited for a daily currency than Bitcoin, due to Bitcoin’s existing limitations, but Bitcoin does have a more extensive network, market share and a strong brand, which at the moment is larger that Ripple. So while I respect Kitao’s opinion, I don’t think that Ripple will overtake Bitcoin, but rather serve a different purpose. Bitcoin may become the next global Reserve, whereas XRP can be used to settle transactions fast and efficiently.

What are your thoughts on this situation guys?

Do you think XRP will be the token to rule them all?

Or do you think there’s space for multiple players in the market?

Let me know what you guys think in the comments below.

It’s Cindy with CryptoPig, Catch you guys around!

Please join us at our Telegram Group and follow us.

Disclaimer: Cryptopig content is written by a team of blockchain passionate people. We are not registered as investment advisors. Don’t take the information in this post as investment advice and make sure you do your own research before investing. Cryptocurrencies are a very risky investment, never invest more money than you can afford to lose.