Incoming Kraken CEO Predicts Bitcoin (BTC) Will Become Benchmark Asset in Traditional Currency Markets – Here’s Why – The Daily Hodl
3 min read
Incoming Kraken CEO David Ripley predicts Bitcoin (BTC) will develop into an vital monetary benchmark as use instances improve together with adoption.
In a brand new interview with SALT’s managing director John Darsie, Ripley says Bitcoin may begin performing independently of fiat currencies just like the US greenback and develop into used as a regular monetary measurement.
“On this relative global fiat currency game, yeah it’s interesting, right? A lot of these various different domestic global currencies and how they’re performing versus the dollar are interesting. I think that’s what we’re going to be looking at as far as Bitcoin actually being a benchmark. At some point in time, of course, we’re quite volatile now and we’re risk-on and all these different pieces, but as adoption grows and use cases grow and we begin to have more and more usage for commerce and so forth, I think it’s actually going to be that benchmark with a deterministic money supply that will behave meaningfully differently than all these fiat currencies that don’t have a deterministic supply.”
The incoming CEO of the US-based crypto alternate Kraken additionally says that there are two clear use instances for crypto and extra will comply with. He says a use case should present it’s 10 instances higher than what it’s changing.
“Bitcoin and crypto’s worth for world funds, world transfers is obvious when it comes to friction, prices and all these items. Nevertheless it actually solely turns into 10x higher, which is what we really need, we want 10x higher for that exact use case, upon getting all the infrastructure constructed out, upon getting crypto within the fingers of everybody and so they have wallets and so they have mechanisms to truly use it…
And when you get there, then the use case turns into actually highly effective. So we have now this sort of catch-22. We’re constructing out all of this infrastructure. It’s important what truly is entailed in doing that, getting crypto in everybody’s fingers and doing it in a distributive method globally. It’s going to take time, however searching for these 10x use instances, there’s going be extra on the market than simply that one. Some that may even be simpler however possibly lots smaller.”
He says one other clear use case for crypto are collectibles akin to non-fungible tokens (NFTs).
“Let’s take NFTs. I collected baseball cards growing up. The fact that there’s now a digital baseball card, that’s actually probably better in a lot of ways. It may be 10x better than that little piece of cardboard that I had and cherished for whatever reason.”
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