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Wall Street analyst Linda Jones has suggested that Ripple could serve a role similar to the Federal Reserve in the anticipated new financial system.
Jones expressed this sentiment in a recent edition of the Good Morning podcast. The discussion focused on the BRICS coalition’s efforts to break from the dollar standard and the potential impact on the U.S. economy.
She argued that the BRICS coalition is not against the U.S. but against central banks and the dominance of a single currency that controls the world. She asserted that the coalition opposes the Federal Reserve’s control of the global economy via the US dollar.
Jones speculated that a new U.S. currency might emerge, potentially backed by gold or other assets. She emphasized the need for a financial system backed by real assets, noting that the world must move away from the fiat banking system, which currently relies on the dollar.
In essence, the analyst advocates for a shift from the trust-based system currently managed by central banks to a truth-based system characterized by transparency.
Ripple is Like the New Federal Reserve
Meanwhile, Jones clarified that this systemic change does not spell doom for America. Firstly, she highlighted that an American company, Ripple, is at the forefront of this new system with the XRP Ledger (XRPL) blockchain.
She explained that a new currency system cannot operate without accountability, contrasting Ripple with Bitcoin, whose founders are pseudonymous and lack a central point of contact in case of issues.
Jones stressed the necessity for a known, transparent, audited, and accountable entity behind such a system. According to her, Ripple meets these criteria.
In this context, the Wall Street analyst humorously stated that Ripple could be seen as the new Federal Reserve. But, unlike the current Federal Reserve, Ripple is privately owned and will be publicly traded in the future.
Abdullah “Abs” Nassif, the host of the Good Morning podcast, recently shared a snippet of Jones’s statement on X.
The Truth About XRP Revealed #GoodMorningCrypto Live M-F 11am EDT #crypto #investing #bitcoin pic.twitter.com/lHxlRKayIo
— Good Morning Crypto (@AbsGMCrypto) July 3, 2024
Furthermore, the analyst noted that Ripple’s position would enable America to maintain its leadership role. Jones also expressed confidence that the U.S. dollar would not lose its value completely before the transition occurs. She emphasized that such a collapse would be a matter of national security.
Ultimately, the analyst sees a parallel system where various financial systems operate on the XRP Ledger emerging.