Ripple, XRP and Pres. Bill Clinton Makes History During Swell Event
The Swell by Ripple event got off to a very good start with the former president, Bill Clinton, stating that blockchain has huge potential.
Bill Clinton says blockchain has Huge Potential
The concept and use of cryptocurrencies have really come a long way. Who would have thought that Bitcoin, the peer-to-peer electronic cash developed by Satoshi Nakamoto, which eventually got the generic name, cryptocurrency, would get this far in just ten years? The milestone of how far it progressed has just happened. It happened during the event of another cryptocurrency, XRP, at the Swell by Ripple event. How else can you describe it when a former U.S. president keynotes a cryptocurrency industry event and gives the message that blockchain technology is now an integral part of the future of the financial industry.
Being the president during the period when the internet was going mainstream and becoming increasingly commercially viable, he probably knows enough about the subject. In summary, he basically stated that the future of distributed ledger technology (DLT) is exponentially mind-boggling. It has potential advantages in so many aspects of the financial industry. He further says that the inherent reason for this advantage is because of the borderless nature of blockchain technology. It is not bound by geopolitical, social or economic boundaries.
He does warn that alienating and isolationist policies of governments and international institutions could impede its growth. It is therefore important for cryptocurrencies like XRP and the institutions that support them like Ripple ensure that the integrity and credibility of these assets remain sound.
He also warns that the accelerated growth, although advantageous, could backfire if it moves too quickly. Advancing too fast in using the benefits of blockchain technology could lead to a larger financial and economic inequality between developing and developed societies. He also warns that if not checked we could create an environment that makes it easier to commit consumer fraud, finance criminal organizations and terrorism.
To add more muscle to the discussions, his economic adviser from 1996 to 2001, Gene Sperling, also participated in the discussions. Although the discussion circled to other topics during his term in office, it ultimately focused on blockchain technology.
The entire industry has been waiting for what the former president has to say. Most people did not expect such an enthusiastic and positive keynote. These are the signs of the times and he probably thinks that the time of blockchain technology has come.