Ripple’s XRP might be set for a bull run in the coming weeks or months, following recent news that the United States administration is interested in the digital token as the best option to stop China’s crypto dominance.
The Asian country with the largest population in the world has relatively cheap electricity compared to the rest of the world, and account for more than 80% of Bitcoin’s total mining. Bitmain Technologies, based in Beijing already account for more than 50% of China’s majority percentage.
In an interview with Breaker Magazine, Ripple’s chief of marketing strategies, Cory Johnson revealed information concerning the interest of the white house and its ongoing research in understanding the impact of China’s dominance in Bitcoin mining industry. Cryptocurrencies, in general, continue to gain grounds, as the industry begins to shape up for major adoption across the world. The rapid growth has called the attention of Donald Trump’s government, which is seeking to introduce the best competition that would tackle Bitcoin’s influence in the country after realizing it would be hard to break the hold of China’s mining companies.
“When I started to meet with people in government and regulators, I had very low expectations. I have been truly amazed at the open-mindedness, number one,” Ripple’s CEO enthused. “And number two, the smart questions, sometimes even tough questions. There’s clearly a lot of homework going on. The White House, in particular, seems to be thinking about what it means to have 80 per cent of Bitcoin mining taking place in China and a majority of Ether mining taking place in China.”
Why Ripple’s XRP?
Ripple’s XRP offers a competitive advantage over Bitcoin (BTC) because of its non-necessity to mine and thus proving to be more environmental-friendly. “When you look at XRP, there is no mining, so from a foreign-control aspect, or from an environmental aspect, XRP is a very different beast,” Johnson commented. Compared to the mega-mining company, Bitmain, which continue to consume tons of power monthly, XRP-no-mining technology is a saving breath to the United States Government.
In an interesting turn of events, while America is seeking to end China’s crypto dominance, China’s Xinpin-led administration is presently cracking down on mining operations in China and discouraging any crypto-related processes.