thecryptobasic.com
The XRP community is buzzing with enthusiasm after a recent segment on FOX Business News delved into the role of a bridge currency like XRP.
A notable pro-XRP crypto influencer shared a snippet of the insightful conversation, featured in a program on Fox Business, with the crypto community.
Journalists and Adam Johnson, the Portfolio Manager of the Bullseye American Ingenuity Fund, provided insights into the prospects of institutional buying in light of the recent approval of a Bitcoin spot ETF.
Johnson stressed that the financial industry has not fully embraced institutional buying of cryptocurrencies. To illustrate the current challenges, he offered an example.
Johnson pointed out that if the Bank of Mitsubishi in Tokyo intends to transfer $100 million worth of Yen to its New York branch and convert it to dollars, the traditional method demands that the bank has $100 million worth of Yen in Tokyo and an equivalent amount in dollars in New York.
He underscored that this conventional approach ties up a significant capital of 200 million in both currencies. However, Johnson pointed out a potential solution. In particular, he suggested that incorporating cryptocurrency into the process could free up half of the capital.
In this scenario, the cryptocurrency token serves as a bridge asset between the two fiat currencies, a functionality reminiscent of what utility tokens like XRP are known for.
While acknowledging that the financial industry has not fully embraced this transformative approach, Johnson conveyed optimism about its imminent adoption.
In his words: “We haven’t made that jump yet, but it looks like it’s coming, I think so.”
XRP Community Reacts
Johnson’s statement generated considerable enthusiasm among the XRP community, particularly due to the prominent platform where the comment was made. It is worth noting that Johnson never directly mentioned XRP, yet the XRP community has suggested he was talking about the asset.
One of the leading voices reacting to the development was Wall Street financial expert Linda Jones, a prominent figure in the XRP community.
Jones remarked: “Wow! Finally, they are talking about XRP. Even if they aren’t saying it’s XRP. We know!”
Wow! Finally they are talking about XRP, even if they aren't saying it's XRP. We know! #XRPArmy https://t.co/zU4oYp5SYu
— Linda P. Jones (@LindaPJones) January 11, 2024
Other community members conveyed similar excitement since bridging between two fiat is part of XRP’s core functionality.
Meanwhile, some crypto enthusiasts voiced skepticism, suggesting that the financial expert’s comments could allude to other tokens, such as Stellar (XLM).
Others questioned the XRP Army’s habit of interpreting developments related to XRP through riddles or inferences.
An X user lamented:
“Why is XRP being always in riddles? Nothing straight ever. Every other L1 talks straight and tech. Why not [same for] XRP proponents?”