Andy Schectman, President and Owner of Miles Franklin, was recently asked about the best cryptocurrency option for diversification. While he primarily focuses on gold, he was asked about several options like Bitcoin, Ethereum, XRP, and Chainlink. However, he said that XRP stands out due to its unique structure and existing partnerships.
XRP’s Efficiency and Potential
Schectman hinted at XRP’s efficiency as a reason it could be a preferred choice for financial transactions, all while operating within the rules set by organizations like the Bank for International Settlements (BIS). In an interview with The Paul Barron Network, he admitted to owning a small amount of Bitcoin, mainly to avoid the regret of not having it. Despite being a hard asset enthusiast, he recognizes the potential of XRP.
Future Growth After Legal Issues
He pointed out that once Ripple resolves its ongoing legal issues with the SEC, XRP could be well-positioned for growth. He believes it has exceptional potential for integration into the financial system, making it a strong candidate for those looking to diversify their portfolios.
Integration of Decentralized and Centralized Systems
The expert also discussed how decentralized systems are being integrated into centralized financial systems. He said that many people are interested in XRP because it remains somewhat decentralized while still being able to connect with centralized systems when needed.
Interoperability and Financial Collaboration
Schectman said that various financial systems are looking to work together, especially with the involvement of international and Western institutions. He added that interoperability is crucial but expressed surprise at seeing Bitcoin included in discussions about settlement options. He believes XRP is more likely to be used for transactions, particularly in projects like mBridge and Project Goro, which focus on quick settlements.
Additionally, Schectman mentioned Ripple’s partnership with SBI, which is using the XRP Ledger for supply chain solutions. This illustrates how blockchain technology can be used not just for transferring value but also for improving transaction efficiency.
