SBI is gearing to back up Ripple to push XRP above bitcoin in the crypto market cap. This may happen according to SBI, CEO, who recently revealed the plan, in an interview with Coin Post, a Japanese news outlet.
“Under these circumstances, we will promote efforts to expand the practical use of virtual currency like XRP more and more. Also, on the other side, we will provide investment instruments incorporating virtual currency into institutional investors.”
During the interview, Yoshitaka Kitao said he believes Ripple and XRP will bring the revolution into the crypto space. The CEO sees great potentials in the fintech company and its token that he has decided to partner with them and move the digital asset to a greater height.
The financial giant SBI is working really hard on its effort to increase the adoption of Ripple XRP and pushing it to the number one position in the crypto space.
Ripple has spread its coverage so wide by partnering with many banks and other financial institutions. Its decentralized financial tools have brought a solution to so many challenges in the cross-border payment system. Providing a cheaper, faster and easier cross-border payment solution. This partnership has further created a smooth channel for its native token XRP.
“There is basically no value for Bitcoin. The current price of Bitcoin makes it harder and harder to use in practical ways. So I think that XRP will probably become the number one crypto asset. We are aiming to make that happen.”
Even with all the support, the coverage and acceptance, it is not yet clear how XRP is going to overtake bitcoin and become the number one cryptocurrency. A lot of companies and government institutions are presently accepting bitcoin as a legal means of payment.
Besides, bitcoin has been existing long before the other cryptos, a majority of the public have confidence in bitcoin more than any other crypto.
Approving the bitcoin ETF by the SEC will further strengthen bitcoin, more investors will come into the crypto space. Presently bitcoin has a higher acceptance which can hardly be beaten by any other crypto.