Ripple News: Big Banks Are Shifting to XRP; Could It Really Rival Bitcoin?

Published by

Elena R

September 20, 2023

With the rise of crypto and its growing acceptance in the financial world, the question of whether XRP could become the next Bitcoin is one that is on the minds of many. Renowned crypto analyst, George Tung, offers his insights into this intriguing possibility.

The Wall Street Whales Move In

The financial sector is increasingly taking notice of crypto, with giants like Van Eyck and BlackRock making significant investments. BlackRock, in particular, has acquired shares in top Bitcoin miners and MicroStrategy, suggesting a strategic approach to the crypto landscape. This is further evidenced by Larry Fink’s vision of a tokenized future, which Tung sees as indicative of a broader shift in focus away from solely Bitcoin.

Other heavyweights, such as Fidelity, are also heavily invested in Bitcoin miners and actively hiring for token research. Together with BlackRock, they are poised to make a significant impact on the digital asset arena.

The Banks Join the Fray

Traditionally cautious banks are also embracing crypto. Citigroup is set to allow affluent clients to use a private blockchain to transfer assets, and ANZ Bank is using Chainlink’s CCIP to achieve cross-chain interoperability. This highlights the growing potential of tokens in the modern financial era.

Ripple’s XRP: A Contender?

Tung emphasizes that Ripple’s XRP is not lagging behind, with CEO Brad Garlinghouse hinting at its potential role in driving interoperability in the crypto domain.

Global Adoption

With Hong Kong opening its doors to crypto trading for its citizens, it is clear that the world is moving towards broader crypto acceptance. This, coupled with the growing interest from financial institutions, suggests that XRP does have massive potential to become the next Bitcoin.

Also Read: Top Reasons Why XRP is About to Become Way Bigger Than Everyone Thinks

While it is impossible to say for certain whether XRP will indeed become the next Bitcoin, its strong fundamentals, growing adoption, and the backing of major financial players make it a compelling contender.

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.