The Davos World Economic Forum Annual meeting has been one of the most prestigious meetings since the 1970s. The event takes place in Davos, Switzerland and attracts Politicians, Billionaires, CEOs and other important leaders. Not only do private meetings occur, prominent figures also use the event to steer global agenda in fields such as finance and economics.
Many digital asset enthusiasts were looking forward to Davos 2020 to see if any sentiment would change in the cryptocurrency and bitcoin space. During President Donald Trumps speech at Davos, he did not specifically address digital currencies. Instead, he focused on the United States progress in areas such as:
- Artificial Intelligence, Quantum Computing, 5G
- Trade Reform
- Expanding Digital Trade
- Negotiating Japan Trade Deal
- Embracing Energy Independence
- USA Wage Growth
- USA Job Growth
USA Treasury Secretary Hit With Crypto Questions At Davos 2020
USA Treasury Secretary – Steve Mnuchin was approached with questions relating to cryptocurrencies at Davos. This was expected, as Mnuchin has been very open in terms of their stance on cryptocurrencies such as Bitcoin. Back in July of 2019, Mnuchin held a surprise press conference on cryptocurrencies. At the time, Mnuchin stressed the fact they they believed cryptocurrencies were still involved in illicid activities and to take caution. In addition, opposed to talking about banning cryptocurrencies, Mnuchin was more verbal on making sure companies followed standard protocols to insure safety in the markets. At the time ( July 2019 ) the markets rallied in anticipation that leadership in the Whitehouse was more interested in regulating than banning..
Ripple CEO Brad Garlinghouse Shares Feedback
In a tweet published by Brad Garlinghouse, when the USA Treasury Secretary was asked about cryptocurrencies, his answer was:
“There are benefits to cross-border payment systems in lowering costs for consumers and businesses. We absolutely support companies working on this.”
How Could This Be Positive For XRP Price?
It was interesting the approach Steve Mnunchin took when asked about cryptocurrencies. He could have easily mentioned Bitcoin and went back to his 2019 arguments, but instead he focused on supporting companies working on cross-border payments. If we take a step back and assess the crypto markets, there are about 5,000 total cryptocurrencies in circulation. Of those, a majority are not operating in the cross-border payments space. Ripple by far has the competitive edge in this space due to the efficiencies behind XRP and the network of partnerships Ripple has formed the last few years. The statement by Mnuchin could very well be hinting to working with Ripple in the future. With the track record of Ripple so far, it’s very hard to discount them from this interaction at Davos 2020.
XRP Price The Last 24HR
XRP price has been on a bit of an uptrend since the news / tweet was published by Brad Garlinghouse about 9 hours ago. We will see if any stronger moves surface as the day progresses. So far in the last 24HR, XRP price has seen +0.30% gain, while Bitcoin has been -0.36%. From a recent analysis, it seems as if getting past the strong 0.25 resistance levels for XRP could help it maintain some fuel to the upside.
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