Coin Edition -
- XRP’s price struggles, but focus is on revolutionizing finance, not replacing USD.
- Cryptocurrencies aim to transform value transmission, not supplant fiat.
- XRP remains significantly below its ATH despite a partial SEC lawsuit win.
Despite XRP’s sluggish price performance, Valor Capital Group advisor Brian Brooks argues that the cryptocurrency’s value lies in its potential to revolutionize the financial system, not in replacing the U.S. dollar.
According to Brooks, cryptocurrencies are not “really about currencies,” and investors often misinterpret their purpose. He compared the prices of digital assets to those of internet stocks, likening them to companies like Google.
BOOOOOOOOOOOOOOOOOOM!!!Valor Capital Group, Brian Brooks says: "#XRP isn't out to replace the U.S. Dollar; it's revolutionizing the value transmission system." XRP will reach an unpredictable price! pic.twitter.com/Y8eP5VHhh4— JackTheRippler ©️ (@RippleXrpie) June 16, 2024
Brooks emphasized that the crypto industry is largely focused on “replacing the centralized banking system with networks that allow user control versus bank CEO control,” adding:
“The crypto assets that have prices are more like internet stocks. It’s more like you bet on Google, if you think there’s gonna be high internet traffic and you short Google if you think that people will go back to the post office.”
He noted that in the early days of Google, prices were super volatile, reiterating that for him, prices do not matter because cryptocurrencies are aimed at changing the “system of transmitting value” and not replacing the USD.Data from CoinMarketCap shows, XRP has been one of the worst-performing digital assets since June 2023, up only 1.19%, showing delayed growth in price action despite a landmark partial victory in the SEC lawsuit, wherein Judge Analisa Torres stated that the digital asset is not a security when sold to retail investors.
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