Goldman Sachs Executive Dismisses BTC, Hails XRP

On Sep 12, 2024

A Goldman Sachs executive has disclosed that XRP is the perfect fit for the new global financial system, as Bitcoin could be a distraction.

Ripple boss Brad Garlinghouse has also explained previously that XRP’s efficiency as a settlement tool positions it above Bitcoin.

In a recent interview shared by the Black Swan Capitalist founder, Goldman Sachs analyst Isabella Rosenberg chose XRP as the future of the global financial system. In the video, Rosenberg played down Bitcoin’s long-term capability, claiming it would be a distraction in the changing financial world.

Adding to this, the Goldman Sachs executive disclosed that banks are “dragging the US dollar just long enough” to make way for a new financial system that could consolidate global money. In this case, XRP could be an integral part of this initiative.

Former #GoldmanSachs executive says central banks are dragging the #Dollar just long enough to bring in a new system that consolidates all the world’s #money
It’s obvious this is about #Ripple and #XRP, while #Bitcoin is marketed to the masses as a distraction pic.twitter.com/44RVjmcjsx
— Black Swan Capitalist (@VersanAljarrah) September 10, 2024

Similarly, Ripple CEO Brad Garlinghouse has, on multiple occasions, highlighted the importance of XRP in settling liquidity needs between Banks. According to our research, XRP was primarily designed to act as a bridge currency while providing liquidity without involving traditional correspondence banking systems.

In a recent interview, Garlinghouse mentioned the existence of $27 trillion within various banks for settlement. However, this massive stash of cash is a representation of inefficiencies in the global financial system. To him, Ripple’s involvement in the potential new system would eliminate the need for banks to pre-fund accounts to make payments more efficient.

Brad Garlinghouse Makes a Case for XRP

On the Bitcoin comparison, Garlinghouse recently explained that XRP’s efficiency as a settlement tool far outweighs the capabilities of Bitcoin.

Our view is you can use a digital asset like XRP to do that in real time. Because XRP has been so efficient, it settles a transaction in about three seconds compared to Bitcoin.

Putting XRP’s lightning speed into perspective, a renowned analyst identified as Alex Cobb recently pointed out that the asset’s speed capability of processing 3,400 transactions per second (TPS) is equal to 204,000 transactions per minute, 12.24 million transactions per hour, and 293 million transactions per day.

According to the Chief Technology Officer at Eminence Daniel Keller, the real-world performance and actual transaction speed of XRP in real-world scenarios is mostly between 500 and 700 TPS. The exact position within the range depends on a number of factors, including network congestion, hardware limitations, and user behaviour. Based on this, crypto analyst Jack the Rippler estimates that the future value of XRP could be equivalent to 1 Bar of Gold ($9,365).

Supporting his argument, Jack the Ripper cited a video reference of Garlinghouse saying that the long-term value of an asset is derived from its utility. According to him, the rare utility of Ripple and the XRP ecosystem positions it above most of the leading cryptos in the industry.

One of the things we all have to remember is that the value of a token over the long term is going to be driven by its utility. What problem is it solving? How big is that problem?

At press time, XRP was trading at $0.55 after surging by 4.52% in the last 24 hours.