- David Schwartz's Position on XRP
- XRP Price Changes and Their Impact on Payments
- Prospects for Using Cryptocurrencies for Payments
In a recent discussion on social media, Ripple's CTO David Schwartz shared his thoughts on the current price of XRP and its use for payments.
David Schwartz's Position on XRP
David Schwartz stated that he holds XRP and if there were a way to increase its price, he would do so. In response to a comment about XRP being cheap for seven years, Schwartz explained that this statement doesn't make sense. He clarified that regardless of the price of one XRP unit, it will require an equivalent amount of XRP to transfer $1 million.
XRP Price Changes and Their Impact on Payments
Schwartz noted that a low XRP price makes payments more expensive. He compared the situation to Bitcoin, explaining that when Bitcoin was worth $300, it wasn't practical to use it to buy a house. However, as Bitcoin's value increased, such payments became more feasible. Similarly, a low XRP price makes payments less efficient from an institutional perspective. According to him, 'that won't make your payments cheaper. It'll just mean that buying and selling the same value of XRP moves the market against you more, making payments even more expensive.'
Prospects for Using Cryptocurrencies for Payments
Schwartz shared his thoughts on using cryptocurrencies like XRP for payments. He highlighted that there are very few cryptocurrencies being used for this purpose right now. Although XRP is widely available, ranks in the top five by market capitalization, and offers low fees with fast transaction times, it still isn't used much for payments. According to Schwartz, this is due to the same reasons that are holding back other cryptocurrencies from being used more in payment systems.
David Schwartz expressed his position on the value and usage of XRP, highlighting the issues with low pricing and its impact on payments. Despite potential benefits, many cryptocurrencies, including XRP, have yet to find their place in payment systems due to existing barriers.
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