Asheesh Birla praises Bitcoin, but sees the market-leading crypto currency in the future no longer as an autocrat.
In an interview with the Lend Academy podcast on 5 November, RippleNet general manager Asheesh Birla Bitcoin (BTC) described Bitcoin as a „very innovative alternative to gold“, but said that the year 2020 had proven that there was still enough room for many other crypto currencies.
In this context, Birla explains that Bitcoin did not try to take over the payment sector and that different crypto currencies have different applications, which gives them the opportunity to cut off pieces of the crypto market. The sole dominance of Bitcoin would therefore no longer be a safe bet:
„I think that the days when everyone thought that only Bitcoin would prevail are numbered. I think it is pretty clear that there will be many digital currencies and that many traditional financial products will be tokenized as digital currencies.
The General Manager had already made these confident statements at a time when XRP, the crypto-currency belonging to his company, was quoted at $0.25. His optimism seems to have been confirmed in the meantime, as the price has tripled since then and last week climbed to a high of USD 0.92. Recently, however, it went down again by 30%.
Although XRP was not particularly strong at the time of the interview, Birla stated in the podcast that the crypto market had now „overheated“ again after the crash of 2018.
„I think that the traditional venture capitalists are not as interested as in 2017,“ the expert said. He then adds: „But nevertheless, I find the industry’s innovative strength is currently stronger than ever.
Ripple co-founder Chris Larsen and CEO Brad Garlinghouse have recently expressed their displeasure about the lack of clarity in the regulation of crypto-currencies in the US. Yoshitaka Kitao, CEO of the major Ripple investor SBI Holdings and also a member of Ripple’s board of directors, leaked the news that the block-chain payment service provider was considering moving to Japan.
Larsen describes the U.S. regulators‘ approach as regulation by punishment, which he says is due to the fact that they are lagging far behind in the transition to a new global financial system.
At the time of going to press, XRP is quoted at $0.61, a loss of 3% in the last 24 hours.