Ripple Exec Says The US Only Welcomes Bitcoin And Ethereum; Offers Viable Solutions
Ripple exec Chris Larsen has something to say about the crypto adoption in the United States.
Chris Larsen recently said that the US is stifling the growth of crypto assets that are not named Bitcoin (BTC) or Ethereum (ETH).
The US might lose its position at the helm of the global financial system
According to the online publication the Daily Hodl, during the LA Blockchain Summit, he showed people that he is worried that the US is in danger of losing its position at the helm of the global financial system.
“Unfortunately, I just think the US is woefully behind in kind of stepping up to what is going to be the next generation of the global financial system. We’ve been in this incredibly fortunate position where the US has been the steward of the global system,” he said.
He continued and pointed out the fact that “We’re 20% roughly of the global GDP, but the dollar makes up 80% of all trades, probably even more than that.”
The US is in a tech war with China
He also said that the US would need to recognize it’s in a tech war with China.
“That goes across the spectrum – communications, surveillance, big data, AI, but also blockchain and digital assets. The reason is that China has recognized that those technologies are the keys to who’s going to control the next-gen financial system.]” Larsen said.
He addressed the current financial system that we have today, saying that it’s old. He said that SWIFT is flawed and will not be the system that we’re going to live with in the next decades. He pointed out its flaws, saying that it’s too slow, error-prone, closed, and expensive.
He made sure to highlight the fact that China wants to build a new system and they have already committed $1.4 trillion to various technologies and the blockchain is at the very top of their list.
Larsen co-founded Ripple in 2012 and now fulfils the role of Executive Chairman. A long-standing advocate for financial privacy and education, Larsen and the Ripple Foundation gifted $25 million to San Francisco State University in April 2019.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.