Ripple CTO David Schwartz believes that the sluggish performance of XRP and other major cryptocurrencies is a result of uncertainty as to whether or not crypto will actually be the next big thing.
Using Google in 2000 as an example, Schwartz compares how people may have been skeptical then about how the search engine was going to deliver billions of dollars worth of new wealth, but some became true believers and made millions. He believes that crypto is in a similar situation as of now.
As a result, prices often move together as investor sentiment waxes and wanes depending on whether more people become convinced of crypto’s future potential or not. Simply put, “the markets are still trying to figure out if crypto is going to be the next big thing.”
Therefore, mass adoption of different crypto technologies could succeed if the industry is able to convince people about crypto’s potential by offering real use cases and a sufficient level of scalability.
At the same time, Schwartz has stressed that this is just his personal opinion that is not backed up with facts and data. Hence, one is free to disagree with him.
At press time, the XRP price is down more than 90% from its record peak that was achieved all the way back in early 2020. Uncertainty surrounding the SEC v. Ripple lawsuit remains a major headwind for the popular cryptocurrency.