Incoming Kraken CEO predicts Bitcoin (BTC) will become benchmark asset in traditional currency markets – here’s why
Incoming Kraken CEO David Ripley predicts that Bitcoin (BTC) will become an important financial benchmark as use cases increase along with adoption.
In a new interview with SALT’s CEO John Darsie, Ripley says that Bitcoin may begin to perform independently of fiat currencies like the US dollar and be used as a standard financial measurement.
“On this relative global fiat currency game, yeah, it’s interesting, right? A lot of these different domestic global currencies and how they’re performing against the dollar is interesting. I think that’s what we’re going to be looking at as far as Bitcoin is actually a benchmark. At some point, of course, we’re pretty volatile now, and we’re at risk and all these different parts, but as the adoption grows and the use cases grow, and we start having more and more use for commerce and so on , I think it’s actually going to be the benchmark with a deterministic money supply that will behave meaningfully differently than all these fiat currencies that don’t have a deterministic supply.”
The incoming CEO of US-based crypto exchange Kraken also says there are two clear use cases for crypto and more will follow. He says that a use case must show that it is 10 times better than the one it replaces.
“Bitcoin and crypto’s value for global payments, global transfers is clear in terms of friction, costs and all those bits. But it’s really just going to be 10x better, which is what we actually need, we need 10x better for that particular use case, when you build out all the infrastructure, when you have crypto in everyone’s hands and they have wallets and they have mechanisms to actually use it…
And once you get there, the use case becomes really powerful. So we have this kind of catch-22. We are building out all this infrastructure. What’s important is what actually doing that entails, getting crypto into everyone’s hands and doing it in a distributive way globally. It’s going to take time, but looking for those 10x use cases, there will be more out there than just that one. Some that may even be simpler, but perhaps much smaller.”
He says another clear use for crypto is collectibles such as non-fungible tokens (NFT).
“Let’s take NFTs. I collected baseball cards growing up. The fact that it is now a digital baseball card is actually probably better in many ways. It can be 10 times better than that little piece of cardboard that I had and loved for whatever reason.”
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