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Ripple SWELL Event to Take Front Stage

Ripple SWELL Event to Take Front Stage

Ripple SWELL Event to Take Front Stage

Ripple enjoys a somewhat unique positioning in the cryptocurrency space and – against a backdrop of numerous failed and similar attempts at what Ripple is trying to achieve – it seems to be forging ahead successfully.

This week, the company has put on what it calls the SWELL event, which is designed to bring together leaders in banking and payments, corporate treasurers and industry luminaries focused on blockchain for discussion and debate as to the state of industry and what needs to be done (and is being done) going forward.

It is a free event, located in Toronto, spanning October 16-18 and some of the world's most influential monetary policymakers are in attendance.

Why is this news right now?

Well, because we just got word that Ben Bernanke, the guy who served two terms as Chairman of the Federal Reserve, the central bank of the United States, who is attending ad speaking at the event, has weighed in on the future of bitcoin.

Famously, Bernanke has been relatively bullish on bitcoin in the past and, even at times when his comments have been a little more negative, he has outlined that he doesn't believe central banks like the US Federal Reserve have the power to regulate cryptocurrency to the degree that it would inhibit adoption substantially.

In his latest comments, however, it seems he's taking a slightly more hard-line approach.

Here's what he said (and as reported in an article by Fortune):

"The Fed, the Bank of England, and Japan, are very supportive of [Ripple and similar] technologies because they’ll improve payment systems… (but bitcoin) hasn’t shown itself to be a real transactional currency, (instead) it's a mostly speculative venture."

Of course, Bernanke has been wrong in the past.

He famously suggested that the Federal Reserve wasn't predicting a recession back in 2008, right before the global recession hit. He was also serving at the helm of the US financial system both before, during and after the worst global economic crisis since the Great Depression.

With this in mind, we should probably take his comments with a pinch of salt.

Author : Jack Dean

Jack has worked in the cryptocurrency industry for 5 years now as a reporter. His experience is predominately in banking, while he also has a keen interest in the forex world. His daily output is read by thousands of readers globally.

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