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Brad Garlinghouse Has Spoken to Steven Mnuchin

Yesterday at 2pm EST, Steven Mnuchin held a press conference at the white house in regards to cryptocurrencies and regulations. This press conference caught most out of surprise but we all knew this was coming. Leading up to the press conference President Trump hit Twitter to let the world know his views on Bitcoin and Libra. Here is what the president had to say:

Clearly for the last 4 years if you thought Donal Trump was going to say anything positive about Bitcoin you have been living under a rock. Donal Trump is all about the United States. He wants to see the US succeed in every aspect. Why would he support Bitcoin? Why would he support a digital currency that is controlled by China? Why would he support a digital currency that is trying to overthrow the US dollar? The answer is he wouldn’t. Is it any mistake that Donald Trump ended his tweet with this statement

“We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar!”

Do you also think that is a coincidence that Christine Lagarde was sitting at the same table as Donal Trump leading up to his rant on twitter about Bitcoin? Do you think its a coincidence that at the G7 Summit last year Lagarde sat next to Trump again?  Call it a tinfoil hat theory, call it whatever you want – the fact is that these two have been around each other so much that the digital currency talk happened.

Trumph Lagarde xrp


Now let’s go back and focus on yesterdays press conference with Steven Mnuchin.  Lets first focus on who Steven Mnuchin is.  Steven Terner Mnuchin is an American politician and investment banker who is serving as the 77th United States secretary of the treasury as part of the Cabinet of Donald Trump. Previously, Mnuchin had been a hedge fund manager.  So the events leading up to this press conference were fueled by the president coming out on twitter and pretty much-destroying bitcoin.  The president shut down any chance of Bitcoin or Libra overthrowing Banks and the US dollar.  The whole purpose of Bitcoin was to replace currency and by 3 single tweets this idea, this new world that Bitcoin maxis have envisioned was put to an end by the President of the United States.  So what now for Bitcoin? Well, we have been seeing “plan 2” for bitcoin be put in motion for quite some time now.  Bitcoin has moved away if you like it or not from a “currency” to a store of value.  Bitcoin is trying to position itself as a store of value like Gold.  That’s the only use case for Bitcoin.  It’s to slow, it is to expensive and its technology that just never took off.

So how do Ripple and XRP play into this? It’s simple. Steven Mnuchin expressed at yesterday press conference the following:

I have been very vocal that crypto isn’t likely to disrupt the US dollar and other G20 currencies in my lifetime

What has the team from Ripple been saying since day 1? We are not here to replace, we here to work with and improve the way money moves.  Ripple is creating the internet of value.  Ripple has been working with the regulators and the banks and within the system, Ripple doesn’t want to overthrow or overtake anything.  Ripple is doing everything that has to be done and they will come out on top.

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