Greyscale Spotlights XRP As An Alternative To Swift
Summary
Transcript
XRP is not a currency in the fact that it’s going to be used to go and buy stuff. It is used as the gas to move the XRP ledger for cross border payments and bank to bank payments. That is what Ripple is developing and that is why I invested in it. Most people are very confused by how this is going to work. But it will be like, and this is what Grayscale is talking about, an alternative to Swift.
Instead of using US dollars to move money anywhere in the world through the Swift program, the Swift system, which is completely antiquated, you will be using the XRP ledger. And to use that, you would need XRP to move money. And it’s going to start high level. It already has in the banks and with central governments and everybody’s trying to make their own version. But here’s the thing, nobody trusts each other.
You have the Morgan coin, you’ve got the bank of America coin, the Citibank coin, the Chinese currency, the US. Currency. Everyone’s trying to do stuff. Here’s the thing, ripple’s integrating all of them in a way to where they say, look, if you use our platform as a general ledger of moving everything all over the place, you could use ours. We’re building it to where and developing it in a way that you’ll be able to run your currencies, your coins on our ledger.
And so that’s a big deal. So let’s dive into story real quick. A really important announcement and I’m going to get into why in another video. But the guys over at SAP Pulse, the ones that made this coin right here, it’s a collectible. If you want to buy silver, buy silver. If you want XRP, buy XRP. This is a collectible coin. And here, check it out. Let’s see if I can get you zoomed in, you can check it out.
This is the first one ever made. Instead of 10,000, they’ve decided to go with only 5000. So they are only going to make 5000 of these coins, these collectible coins that have 100 XRP uploaded onto a perfectly minted silver coin with enamel. So to whoever already bought them, you are really stoked because they’re now half going to be out there with the certificate of authenticity. So there is about 2000 left.
They have a Black Friday sale going on. I put the link down below if you want one of those. But again, if you want silver, go buy silver. If you want XRP, go buy XRP. This is a collectible and I wish I would have had one of the first bitcoin ones back in 2014. I think they were made when they had one solid bitcoin on it and they weren’t even made on precious metal, they were just metal coins.
So I went ahead and bought some myself. Okay, it’s not investment advice, this is not an investment, this is a collectible. Okay, so here we go. Let’s talk about Grayscale. So Grayscale spotlighting XRP as an alternative to Swift payments grayscale recently spotlighted XRP as an alternative Swift’s in cross border Payments as it aimed to highlight the difference between fiat and crypto assets. In an update to the Grayscale Currencies crypto sector pushed earlier this month, the investment firm shed light on the crypto asset sector, categorizing each of the largest cryptocurrencies in specific groups.
The Grayscale crypto sector is a framework pushed by Grayscale to help its investors get a proper glimpse of how the crypto sector works and provide them with useful insights that can help shape their investment decisions. The latest update emphasized that cryptocurrencies are different from fiat currencies due to the lack of governmental control. Essentially, such governmental control could come in the form of money printing and interest rate reviews.
The Grayscale report went on to highlight the largest crypto assets it currently tracks in its crypto sector framework. These assets include bitcoin XRP Litecoin, bitcoin cash, stellar Monero, and bitcoin SV. Surprisingly, Ethereum is missing. Speaking on bitcoin, the report positioned the first born crypto as the safe haven for individuals. Inflation raged countries like Venezuela and Argentina. The report highlighted bitcoin’s limited and transparent supply as an attractive feature in this regard.
Now they moved on to XRP said in the absence of S and B and B, the company noted that XRP sits as the second largest asset currently tracked in the framework, only behind bitcoin. Notably, XRP makes up 4% of the combined market cap of all assets the firm currently tracks. According to the Grayscale report, XRP is designed as an alternative to Swift due to its attractive features in terms of cross border payments.
XRP aims to offers fast cross border payments at lower transaction costs than competitors, the report notes. The recent report from Grayscale has triggered speculation that the firm might be looking to resume support for XRP amid its push to transform the GBTC trust to a spot. BTC ETF recall that Grayscale held XRP in its fund, its trust. And just so you know, I believe they’re going to bring it back.
And the reason why again, not investment advice, because everybody got scared when the SEC moved in, so everybody wanted hands off. And now you’re seeing all these crypto exchanges picking it back up. And now of course, Grayscale is talking about it again. If they decide to pick it up, it will obviously have a price response, but don’t FOMO into that. But I’m trying to show you the narrative that’s being pushed.
Know the CTO, david Schwartz came out recently trying to explain what XRP actually does. It’s totally separate than the ledger. I want people to understand that Ripple is developing the XRP ledger, or XRPL, and XRP is used as a gas, very simple, similar to neo and neo’s gas, totally separate. And it’s built in a way that as it gets used, there is a slight burn amount where, let’s say I’m not going to give you the exact numbers, I don’t know off the top of my head, but how many XRP are in existence right now? You could probably put it down below.
But what happens is, as these transactions take place, just a little bit disappears, a little bit disappears, it gets burnt, it gets destroyed. It can never be used. You could actually track that on the ledger. So as time goes on, there’s less and less of it available, which makes it worth more and more. Now, people can’t get this out of their head because Fiat currencies go in the reverse direction.
You see, I’m sure you’ve all seen the dollar bill chart where there is a dollar and how much is a dollar worth. And it starts in like the 1910s, 1900, and the chart is like, it’s worth this much, and then over time, it’s worth less and less and less, where it’s pretty much worth nothing. But people go, but the dollar is still here. If I want to buy a dollar worth of stuff, I buy it.
Well, yeah, but a dollar bought a lot more in the early 19 hundreds than it does now. Well, see, crypto, certain cryptos work completely opposite of that. You see, cryptos have their value, whatever they’re valued at that day based on perception, right? Everybody buying and selling it, trading it, and then you’re buying things in it that are denominating dollars. Let me give you an example. Let’s say XRP has a price today of a buck, let’s say a dollar, and you have to use it to send a transaction, right? Let’s say you’re a bank right now, because what I’m explaining hasn’t come out to the general public right now.
It’s not being used. It’s being used at really high levels because it’s being developed. It’s like me trying to explain to you the Internet. Even though the government and the army and military had the Internet way, way before all of us, I’m trying to explain it to you and how it’s going to benefit you in the future. So you want to send a transaction, they go, okay, that’s going to be instead of using Swift and using a wire, a domestic wire right now costs, what, $25 to send money? Let’s say they go, you know what? With XRP, it only cost $5 to send a transaction today, let’s just say, and like, wow, that’s crazy.
And even better, the second you send it, you hit send, you can send money in less than a second. I know, it sounds crazy. And then whoever gets it in that other account, they can turn around and send it within 1 second. After that, they’re like, well, that works way better than Swift, because Swift, it takes, like, 8 hours, it seems, to clear an account, go from one account to the next, right? And it costs $20.
And you’re saying that I can spend $5. We’re like, well, yeah, $5 worth of XRP today, because XRP is valued at a dollar. Well, see, as XRP gets used as the gas to move these transactions, right? And again, to all the techies guys, I’m trying to really break it down simply here. What happens is, let’s say XRP, there’s a billion of them out there, and then a year goes by, and then there’s a little bit less, right? And the price of XRP has gone up, too.
And they go, Man, XRP is worth a buck 50 now. And they go, well, it’s still $5 to send that transaction, let’s say, like, a year later. And like, well, now instead of needing five XRP to send that transaction, I’m only going to need, like three, three and a quarter XRP because they’re worth a buck 50. I only need three and a quarter XRP to send that transaction.
And over time, what happens is that value of XRP keeps going up because you’re like, well, we need it now. We need it to send this. Just like we need dollars to send the Swift system money around with Swift system. But the things keep going down. Well, what will happen is, in the reverse of the dollar getting worthless over time, they go, hey, it still costs $5 worth of XRP to send that money.
Well, let’s just say in the future, this is all speculation, right? Again, not a financial advisor. Let’s say XRP is worth $10. And you’re like, well, that means I got to spend a half of an XRP to send that money. Okay, I’ll do it. And you can see what’s happening is, wow, that value, that XRP is going up. Well, very intelligent financial people understand this, and they’re all watching this.
And you want to talk about the intelligence factor. This is why the SEC is freaking out and trying to stop ripple and stop people from doing the XRP thing. He’s like, this is the only privately held company that’s really trying to develop this. And they’re talking with countries, central banks, companies to develop this platform, to run this, to use this. And it’s a whole different paradigm, a whole different way of thinking.
And that’s why those guys at Satpulse made this. They’re like, look, we believe this is what they said. I was talking to Patrick. He goes, Look, I know. He goes, I’ve got my favorites, right? He goes, but there’s no denying what this company does, what this one ledger is built to do. And we were talking about, can you imagine if you had the original bitcoin that was put on a physical coin.
It was back then in 2014, I think it was. Remind me, guys, down in the section below, it was a metal coin and it had one of these QR codes on it and it didn’t even have this is the prototype, the security going on right now that they’re putting on with these holograms that get destroyed when you pull them off. So much more high tech. But they said back then they had one bitcoin on it, and that was when bitcoin is worth nothing, right? It was worth so little.
And now if you had one of those coins, not only does it have, what, 30 something thousand dollars worth of bitcoin sitting on it, but it’s so rare. Think about one of those going up at auction at Sotheby’s, and there’s going to be a day where you see those going up on auction. And I can tell you this, I have a feeling you’re going to see these on auctions and it’s going to be pretty cool.
And that’s why it says not this time at the top of the coin. Not this time. Because before this, bankers and governments and government officials have enjoyed being a part of something before the public figured it out. And this is one of those times, I believe that the public had the opportunity to do something and buy something that companies and governments are going to need and use all around the world.
They’re going to be buying it. And I’m not saying that the price is going straight up, but do I believe that XRP is going to be worth more in the future? Well, there’s a reason why I invested in it, and that’s my largest crypto holding. Yes, as of right now, it is based on price. And I think it’s super important to share that. Not because I think you should buy it, but it’s like me talking about real estate and what I’m going to do next in real estate.
Do I want to hoard all the information or do I want to share it out freely and let people make educated decisions? Look, SAP Pulse decided they’re not going to make 10,000 coins, they’re only going to make 5000 now. And there’s a reason. Because of a banking problem, because they were getting pressure by the bank. So the cool thing is over 3000 have sold right now, a little over 3000.
So there’s a little under 2000 left. And what they did is for Black Friday, they already had this decision made up. They’re doing a special pricing for Black Friday. So if you want to take a look at them, cool. If not, no worries. I’m excited about the future of cryptocurrency, so I got to share it. With that being said, the Economic Ninja is out. .
