Former Goldman Sachs executive Raoul Pal says that the XRP network could play a big role in a potential future central bank digital currency (CBDC) based economy.
In a new ask me anything (AMA) session, the Real Vision CEO says that the XRP Ledger (XRPL) has built a solid foundation by actually being heavily used rather than just attracting speculative fervor.
“There’s this weird narrative from the past about Ripple. The point being is, even if they have to settle a lawsuit and get a slap on the wrist, Ripple plays actually quite an important role. It’s a money transmission network and it does quite a good job of it. It has deep connections with global governments around the world and has worked really hard on it.
So there’s a reason the chain is valued as highly as it is, and it’s not from speculation because actually it got taken off a whole bunch of exchanges because of the lawsuit. It’s actually because when I use my Metcalfe’s Law model, the amount of value that gets transacted on the chain is very high. It’s being used.”
Pal says that should the world move towards a global economy based around CBDCs, the XRP network as a real shot at being in the center of it all.
“So I think if you lift the legal issue, the probability is that the value of the chain increases significantly and as the world moves towards central bank digital currencies, I think the XRP Network is going to be somewhere at the center of all of that…
I know it’s not the flavor of the day for a lot of people but I think it’s a big player, it’s a real player and a real niche.”
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