💫 Summary
Elon Musk's recent statements and actions suggest a potential partnership between Ripple and XRP, highlighting the potential for XRP to become a significant player in the global financial system. Ripple's innovative payment system and the increasing adoption of XRP by companies like American Express and banks in Brazil and Singapore further support its potential growth and disruption of traditional financial systems. Regulatory uncertainty and the difficulty in obtaining banking connections remain as significant obstacles to widespread adoption of Ripple and XRP.
✨ Highlights📊 Transcript
Unconfirmed reports suggest that Elon Musk's meeting with Ripple to discuss the implementation of a digital payment processing system for XRP might happen soon.
XRP has reached 1 million transactions per minute on the XRP Ledger.
Ripple's partner, American Express, has seen a surge in transaction volumes, indicating the importance of alternative payment systems.
Multiple banks in the US have frozen consumer bank accounts, highlighting the need for alternative financial systems.
Ripple continues to grow rapidly and compete with Swift, recently applying for a license in the UK and Ireland.
The video discusses the rates of different cryptocurrencies, including XRP, Ethereum, and Bitcoin, and mentions a reliable platform for staking XRP.
Different cryptocurrencies provide varying rates every eight hours.
The speaker mentions a platform called Dexpool for staking XRP.
Dexpool is registered in multiple financial bureaus and complies with crypto asset regulations.
The speaker has personally used Dexpool for staking XRP for several months and finds it reliable.
Elon Musk highlights the importance of solving regulatory problems together, emphasizing the need for clarity in laws and mitigating legal risks.
Regulatory problems require collaboration among companies.
Uncertainty about compliance with laws is a major issue.
Difficulty in obtaining bank accounts hinders many legal businesses.
Private banks are mitigating legal risks, not making private decisions.
00:00Elon Musk has just stated that xrp could
00:04be half of the Global Financial system
00:06essentially if if Done Right the X would
00:11would serve people's financial needs to
00:14such a degree that over time it would
00:17become I don't know maybe
00:19half of the Global Financial system wow
00:22or some big number I'm not sure what the
00:25number is but pretty big
00:26um so it would be by far the biggest
00:28sort of financial institution it's a bit
00:32like not really in the way that people
00:34are used to thinking about uh Banks just
00:37just the most efficient
00:41database for the thing that is money
00:45I said like least amount of fraud uh
00:48everything's real time
00:50and if it involves money in any way it
00:52can be dealt with seamlessly on one one
00:54load now let me correct myself Elon Musk
00:57didn't say exactly xrp would become half
00:59of the Global Financial system but
01:01rather that X would become half of the
01:03Global Financial system but he had on
01:05multiple occasions given subtle hints
01:08that X is going to integrate The xrp
01:11Ledger through Ripple in fact in a
01:13recent tweet arising over 145 000 views
01:16and almost 2 000 likes each week sites
01:18Justin Elon Musk to meet with ripple to
01:20discuss the implementation of a digital
01:22processing payment system and shortly
01:25after he had publicly stated that we are
01:27working on influencing a payment system
01:29for X the everything app so the
01:31connections seem quite imminent in fact
01:33this wouldn't be the only occasion to
01:34which Elon Musk actually implements or
01:36speaks about xrp on July 21st of 2023
01:39Elon Musk reacted to a post-hiling
01:41ripples win against the SEC in the xrpk
01:44which officially deemed xrp as not a
01:47security to which he cites on a podcast
01:49that highlights exactly that just stated
01:52good podcast now I'm not the only one
01:54that believes xrp is the chosen one for
01:56Elon Musk and for also known as
01:59the everything now one of the biggest
02:00and most trusted exchanges in crypto
02:03called bit true also believes so to
02:05which they cook tweeted Elon Musk
02:07tweeting a logo of x to which is going
02:09to be rebranding for Twitter citing xrp
02:12you mean question mark rocket now before
02:15we further into the video I have a crazy
02:17giveaway for you guys to which I'm
02:18giving away a lot of free xrp to one
02:21lucky winner all you're gonna have to do
02:22is subscribe to the Channel with your
02:24post notifications on tap that like
02:26button and share this video to one
02:28friend or family member once we hit 20
02:30000 subscribers I'll be rolling the
02:31giveaway so good luck and hopefully you
02:33guys win that being said let's get right
02:35back into the video back to Elon Musk so
02:37we talked about the Elon Musk meeting
02:39with ripple that is going to be set to
02:41discuss the implementation of a digital
02:43payment processing system most likely
02:44for X the everything app and while today
02:47we got unconfirmed reports that Elon
02:49musk's meeting with ripple is scheduled
02:50for July 28th of 2023 now it does
02:54actually say here unconfirmed so I
02:55wouldn't take this as factual
02:57information but it is quite crucial here
02:59that this is looking very good and it
03:02might actually happen very soon shifting
03:04towards new topics xrp has officially
03:07cost 1 million transactions per minute
03:09on The xrp Ledger and this makes perfect
03:11sense because as you guys seen in the
03:13last clip which I showed you guys I also
03:16talked about this in my previous video
03:17but to summarize Ripple's partner
03:19American Express transaction volumes
03:22have reached an all-time high this is
03:24substantial because the Ripple net
03:27system which uses The xrp Ledger has a
03:29lot of the American Express transaction
03:31volume funding and value in terms of
03:34monetary value flowing through it and
03:36this is what makes a lot of sense right
03:38here because as the American Express
03:39transaction volumes reaching all the
03:41time holiday xcp transaction volumes off
03:43also and are also skyrocketing and this
03:47is truthfully a crucial time where the
03:49payment systems are in dire need because
03:51specifically yesterday we got news that
03:54multiple banks in the United States of
03:55America have begun to fortunately freeze
03:57consumer and customer bank accounts and
04:00have been refusing to allow withdrawals
04:02the traditional system for the financial
04:04industry is collapsing and everybody's
04:07looking for an alternative system and
04:08this is where Ripple comes in Ripple is
04:10so Innovative that it is continuously
04:13growing at a rapid Pace even competing
04:15with Swift in fact just recently on July
04:1722nd Ripple has applied for a license to
04:20be approved in the UK and Ireland and
04:22expected to actually get approved in
04:24both of these locations additionally
04:26Brazil Company B Tech has extra products
04:30are able to improve their payment
04:31service system using The xrp Ledger and
04:33even Singapore has confirmed that they
04:35are using Ripple and that the usage of
04:37Ripple net system has doubled in
04:39headcount over the last couple months
04:40alright guys now but further forward
04:42let's take a quick second and roll the
04:44sponsor of today's video subscribe
04:46yourself a coffee and let's get going
04:48welcome to duck sport a sneaking
04:50platform for you it to you that allows
04:51autonomous cross-chain liquidity
04:54protocols and allows you to stake any
04:56type of cryptocurrency including your
04:57favorite crypto xrp ethereum and Bitcoin
05:00they provide some of the best rates and
05:02give you your percentage every eight
05:04hours for example if we were to look at
05:06ethereum you get 0.12 every 8 hours if
05:09you have to look at Bitcoin you get 0.16
05:11every eight hours and even xrp will give
05:14you 0.06 percent every eight hours and
05:17you can withdraw any amount of money
05:19that you want dexpool founded by the
05:21Japan private asset Securities
05:23incorporation is also registered in
05:26multiple Financial bureaus including
05:28fibo and the Kento local Finance Bureau
05:30they comply with all the crypto asset
05:33liability and regulation as they should
05:35as stated on the bottom of their website
05:38it gives you more detail about that and
05:39I have been personally using them to
05:41stake my xrp for about three or four
05:44months now and they've been extremely
05:45reliable their platform is actually
05:47extremely easy to use in terms of adding
05:49liquidity and with going and at any
05:51point in time you can click add
05:52liquidity go all the way to the bottom
05:54choose your network preference let's say
05:56core and then go ahead and instantly
05:58deposit or withdraw whatever amount that
06:01you would like you can also begin
06:02sticking by just clicking add liquidity
06:03right here here's the withdrawal process
06:05just to show you guys in the top up so
06:07for top up as you guys can click the
06:09option then go ahead and click whatever
06:10one you want to Top Up Click top up
06:12Ripple and then it's going to show you
06:13an address once you do that there's your
06:15wallet there's there's your destination
06:17tag and you can transfer at any point in
06:19time that being said let's jump right
06:21back into the video now on top of all
06:23this just recently David shorts also
06:25known as John Kaz Ripple CTO talked
06:28about how Rebel is fixing the biggest
06:30problem in the global space and even in
06:32crypto and most importantly how they're
06:34going to revolutionize the world payment
06:36system he also Dives further into
06:39details about xrp not being a security
06:41and this is after the ruling by the
06:44judge redeeming experience out of
06:46security so this is a very interesting
06:47clip let's roll it I agree I do I feel
06:50about the ecos system now today from
06:51maybe a few years ago I mean do you feel
06:53like we've had a lot of growth where
06:54we're going the right direction uh yeah
06:56I think I think
07:02gout got a lot of the oh I have a white
07:04paper give me 100 million dollars people
07:06out and or the people who are just like
07:07I heard that like the streets are
07:10raining money I want to get in this
07:11field no interest in building anything
07:13exactly understanding the technology or
07:15I think a lot of those people got shaken
07:18out and I think also it proved that
07:20there's more to this than just the
07:22specular development but there actually
07:23is an underlying technology that is an
07:25actual problem that we're solving and so
07:27I think that's that's really really good
07:29I have to say sometimes
07:31like things are taken from
07:38but I think there are problems that we
07:41can only solve together regulatory is a
07:43good example no one company is going to
07:45be able to solve some of the regulatory
07:47problems and just on the regulatory
07:48front it's not bad laws that are the
07:50problem there are some bad laws that are
07:52a problem but the biggest problem is
07:55uncertainty people who don't know what
07:58they need to do to comply with the law
07:59because the law is like for example
08:01there's a law that says that if you take
08:04custody of someone's money like there's
08:06certain things happen
08:07well when when do you do that you know
08:11if if I open a payment channel to you
08:13and I send you a claim to that have you
08:16taken custody of that money or is it
08:18still mine or like nobody knows what
08:20nobody knows
08:22what what the laws mean and there's a
08:25serious risk that people will be told oh
08:27you should have known that you were
08:29breaking this law you looked at that law
08:31and we honestly could not figure out and
08:33no one's going to put you know millions
08:34or billions of dollars into a business
08:36when there are those kinds of risks
08:39um so that's that's I think that's I
08:41think still the biggest problem I think
08:42I should also point out
08:45it is really hard to get bank accounts
08:49that's another problem there are
08:50hundreds of legal businesses every day
08:53that can't operate or open because they
08:56either can't get a bank account or lose
08:58their bank accounts
08:59some some change has to happen to that
09:03um and that and that is on the
09:04government's effects um these these
09:06these look like private Banks making
09:09private decisions about what customers
09:11they'll do business with but that's not
09:13what's happening what's happening is
09:14it's legal uncertainty and it's legal
09:16risk that they're mitigating and it is
09:20on the government to fix the laws so
09:22that legal businesses who can get banked
09:24and um
09:26I I think if you talk people in this
09:27business I'll tell you regulatory
09:28uncertainty and the inability to get
09:30banking connections are the biggest
09:32obstacles basically the banks all right
09:35guys so I'm gonna end those video here
09:37but I do want to quickly State the fact
09:39that make sure you guys go and follow me
09:40on Twitter as we're always posting all
09:42of the latest news there and of course
09:43make sure you subscribe drop a like and
09:46share this video to at least one person
09:47to enter the giveaway thank you guys so
09:49much for watching and I'll see you next
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FAQs about This YouTube Video

1. How is Ripple potentially partnering with XRP according to Elon Musk's recent statements and actions?

Elon Musk's recent statements and actions suggest a potential partnership between Ripple and XRP, highlighting the potential for XRP to become a significant player in the global financial system.

2. What supports the potential growth of XRP as a significant player in the global financial system?

Ripple's innovative payment system and the increasing adoption of XRP by companies like American Express and banks in Brazil and Singapore further support its potential growth and disruption of traditional financial systems.

3. What are the obstacles to widespread adoption of Ripple and XRP?

Regulatory uncertainty and the difficulty in obtaining banking connections remain as significant obstacles to widespread adoption of Ripple and XRP.

4. How is XRP being adopted by companies and banks?

XRP is being increasingly adopted by companies like American Express and banks in Brazil and Singapore, indicating a growing acceptance in the global financial system.

5. What potential does Ripple and XRP hold in the global financial system?

Ripple and XRP have the potential to become a significant player in the global financial system, with their innovative payment system and increasing adoption by companies and banks.

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