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[Music] Ignition sequence starts six five four Three two one zero liftoff we have a Liftoff [Music] Hey everybody this is the digital asset Investor and let me tell you what I've Now been doing this since May of 2018. I Have been talking to you more or less I Mean I've been talking to you about Crypto in general but the focus has Always been on Ripple and xrp I'm 48 Years old I have a finance degree I have An MBA Um I have I was a I was a financial Advisor at Morgan Stanley for a while I Have seen company after company after Company I went through the.com boom and Also I've had all sorts of life Experience the financial crisis and let Me tell you what I've never heard around Any company about any company I have Never ever heard some of the things said That I have heard said by not about Ripple but things that I have heard said By people at Ripple and these aren't Just people these are these are Executives these are people that are for Everybody from I mean it could be the CEO or or it could be but but anyway They're all these are people that have That have gone to school at Harvard and Columbia and Yale and these are people Who have worked at Goldman Sachs and
Places like that Yahoo you name it okay And I have heard them say things not one Time but many many many times and that's What's kept me so fixated fixated on This one company in this one digital Asset for all of this time I decided I Would make you a video that focuses on Just some of those things that I've Heard okay and that's what this video is You will enjoy it you'll if you you many Of you have probably seen all these Things but a lot of you have not and I'm Going to show you what I have discovered This is my journey of making two to Three videos for over four years on this One digital asset this one company And these are some of the things I've Seen and I want to make sure that you All see them too so there's no better Sponsor of mine than linked to for me to Show you before I go into it because They sell Ripple equity and this is the Video for you if you're interested in That here's the first one Miguel Valles used to run um I can't Remember his exact title but he ran xrp Markets okay his background he was at The CME Group and I think he's an Ivy Leaguer I seems like he was New York University I can't remember but I think He went to another one too I don't Remember the different schools he went To but he said this and I remember Seeing it and saying simple goal he says
We this is from a ripple insights back In in um 2017. most importantly we remain more Committed than ever to the simple goal Of making xrp the world's Reserve Digital currency and I remember reading That the first time and saying the Simple goal This is a guy with a company who says That That's what I thought to myself so he Also said this this was in a Twitter Thread And I also to this said who says that When xrp is replying to someone when xrp Is more liquid than a G10 currency I'll Buy myself a chocolate chip cookie and Get back to work xrp the standard and He's most famous for saying hashtag zero Doubt okay Um and he's also said that he wouldn't Own any other digital asset than xrp Okay And I'm sure a lot a lot of this to you That just so that you understand none of This is our imagination We're at a we're at a once in in 100 200 Year moment here and a lot of people Truly don't comprehend it here's Miguel Valles back um I don't remember when this was doesn't Matter listen to what he says ask Yourself when you hear the word Linder Of Last Resort the only people that talk
About being a lender of Last Resort are Like central banks or the IMF listen to This how do you intend to distribute the Rest of the xrp then yeah that's that's A good question right here and I I don't Necessarily know that we'll ever Distribute all of it in my mind's eye There's a possibility where you know we End up more of a lending kind of uh you Know more of a lending lender of Last Resort capacity maybe I think that would Be a little strange for a software Company and maybe some things would have To change structurally or maybe we have To have a different organization or Something who knows right Um but as these Capital markets develop As liquidity develops there are going to Be folks who you know if they want to Provide liquidity in the asset don't Want to necessarily own the asset Because that puts them In Harm's Way for Price movements so if you can borrow the Asset and create liquidity that way it's Actually a much more efficient way to be Part of the uh of their liquidity Mechanism it's how traditional Capital Markets work I mean my first job on a Trading desk was managing the repo book The overnight Tom next kind of liquidity Provision that every day we had to roll Um there's nothing like that in digital Assets Um
So partly because they they the Transfers happen instantaneously but Also partly because it just hasn't Developed and it one of my longer term Goals after I get the ecosystem built Out after I get payments running through There as I start to merge or try to Merge the Two Worlds the digital asset Markets and the traditional Capital Markets as I try to do that I think one Of the levers that we'll be able to pull Our poll will be lending and As a result I don't necessarily know That well I mean we'll have to we'll Need some xrp right in order to do that Um so I don't I don't I guess along with The way of saying I'm not sure we'll Ever get rid of all of it and sort of Let it all out into the wild Um partly because there is some utility For us or maybe some other you know Organization having it to make sure that The markets are always liquid Okay that's one of the things then we Had this with Chris Larson this one Always stuck at me I've always wondered What Forest they were in by the way but This always stuck out about the future Of uh cryptocurrencies where do you see The future Um of these digital assets and maybe the Role of Bitcoin and triple or xrp in That in that future Yeah so our view is that these digital
Assets really become Supplemental to the existing family of Currencies right so every country still Needs its own you know fiat currency for All kinds of reasons uh that won't I Won't get into it very cool Gatorade Um and I actually think that the big Four you know the Yen the Euro the Dollar the RMB they actually I think Come stronger in this world that we're Going into partially because of digital Assets okay yeah these digital assets Actually contribute to a world that's More interoperable or more people around The globe can get access to these big Four and most of global Commerce is done In the big four so I think you have a Bifurcation going on those big four get Stronger I think some of the smaller Currencies maybe even some more of the Very small Fiat currencies become less Relevant maybe even disappear a country Could have its own Fiat but still use One of the big four like Montenegro Right absolutely Um but I think then where the digital Assets fit in things like xrp and Bitcoin right there they're kind of in That mid-range they become I think like The Singapore dollar or the Swiss franc And they become useful in you know kind Of lubricating the the world to make it Easier for those big four to get in the Hands of people all around the world uh
So that's useful and there might also be Things like applications and devices That maybe primarily use one of those Digital assets so that's kind of the View we have so I think in that world Countries should be less threatened by What's going on and see them as simply Supplemental rather than a threat too Much time okay now we've got this this Is Brad garlinghouse I think he was in Like South Korea or something when he Said this was this was and I don't Remember the year that this was just Listen Well certainly look when xrp was created This actually was created before Ripple Existed the creators of xrp decided to Be 100 billion units because they saw it As a you know rather than having a Smaller number with a very high price They saw it as something they wanted to Be a Effectively a global Reserve currency Let me tell you what there's only one Other company that I have heard one of Their people that used to be with that Company say that they their idea was to Create a global Reserve currency only One and it was a former it was that Luke No sack guy who was with PayPal and he Said that when they originally started PayPal that was their goal but they got Distracted because they had investors That they had to keep happy and and the
And that becoming a global Reserve Currency became too much of a thing Became too hard to do because they Couldn't serve their investors uh what They wanted at the same time working on That bigger project all right then There's this now this right here to give You some context I was standing in the room when this Happened and what you cannot hear in This video the important thing you need To know first is that this this was at Ripple swell 2019 in Singapore this is Dr rodrham uh rashan he was the chief Economist at the IMF 23rd governor of The Reserve Bank of India okay There's two things that you need to get Out of it or three things first thing is That Brad comes of digital perspectives Is the guy answering the quest asking The question and it took some real guts To do it second thing you need to get Out of this is that nobody laughed Nobody La that question it was not Laughed off stage in fact the thing you Can't hear but I was sitting in the room Because I know when When Brad comes I Asked this question there was like this Low like applause that was going on Everybody what every it was like one of Those moments where everybody in the Room wanted him to ask that question Which means that everybody in the room Had that thought the same thought that
Brad comes had And was like cheering him on for asking The question listen to this Who has the mind please go ahead hi my Name is Bradley kimes from investment Perspectives and Krypton airs Documentary I wanted to ask a question About globalization if you could talk About the idea of the old concept that The banker coined and a neutral asset Being in place of a global Reserve Status of the dollar and possibly that Being xrp Uh Um You know what you're asking for is Whether there's a possibility of a Global Currency and to some extent That's what Libra was trying to do And as I understand it that's different From what x xrp is trying to do and and The reason is is as follows As soon as you go to maintaining the Value Right some kind of stable coin uh a Whole set of regulatory concerns get Triggered I have to make sure that there Is corresponding uh Financial or real Assets backing this this notional value That is that they seek to maintain That looks a lot more like a bank right Because uh you're promising some some Claims which are fixed and uh that Requires regulation for reasons I just
Talked about Now once you get an army of regulators Every Central Bank looking at it then The question is have you added a whole Set of transaction costs to this and is It worth uh is it that that useful As I understand it what uh what is Attempted with xrp is not so much all Right then there's a little part two Right here it's not so much maintaining The value but offering a vehicle for Exchange Which is quite different because there You can have value fluctuating all you Need is value to be stable for 10 seconds while the whole transaction Takes place and as a result uh there's a Whole different need for regulation you Don't need to regulate value I don't Care so long as there is some value the Transaction can certainly take place and As a regulator I'm not so worried about Either this displacing my fiat currency Because you're moving from one fiat Currency to another it's just an interim Value and it's it's a means of exchange But it's neither a store of value nor a Unit of account etc etc Thank you very much All right that was a surreal moment when I saw that and so is this this is Brad Growinghouse with Ross let go from who Was the general counsel of the Mi IMF at The time and not even specific to Ripple
Or to xrp's uh Community I think one of The things that will surprise us a year From now is that banks will be custody Digital assets directly And I think right now we think about That and think look there's no way it's Going to happen uh they're too Conservative and I think what you're Seeing is you know two things happening One is banks are seeing that a lot of Money is being made by digital asset Exchanges globally and banks are profit Motivated uh the second and as we've Talked about Affairs really Ross has Made very clear is regulatory Clarity And Regulatory Frameworks enable Banks And financial institutions to lean into These markets and I think uh we will Surprise ourselves by this time uh and It but I'll also predict that it will be Banks in the asean markets where there Is this regulatory Clarity and there is A lot of progressive uh Forward Thinking They'll be the first to actually allow For uh crypto assets uh custody in their Accounts all right with that we'll turn It over to questions and I see a bunch Of questions on this screen which I Can't really read from here but we're Supposed to pick some uh can you see Those There's two votes let me try do you see IMF holding crypto Assets in the future They're over here that's easier
You want to take one go for it the first One's for you IMF do you see IMF holding crypto Assets In the future I did not put that up There Remember I'm from the legal department I'm supposed to be very conservative About these things Um I I don't want to go into great details About maybe I should take what the Argument is going to do I think we Stunned Ross into Silence with that one For that to happen okay under the Current legal framework some country Would have to use a crypto asset as its Currents okay now this video is a little Longer than than normal but that's okay I'm gonna get through this Um then this was another moment Um when Brad garlinghouse was at the IMF That's the same guy Ross let out that's Christine Lagarde this is uh Emmy no I Can't remember her name I don't I think this anyway I think That's somebody from Ripple I can't Remember but anyway Um at the IMF I thought that was surreal Too that's the picture of him on stage With him and then we have This moment this is when Brad Garlinghouse pops up at this conference In Switzerland the Swiss SNB uh anyway Everybody was there you had the director
Of monetary markets IMF that's the the Manager of the bis right there that's Christine Lagarde this is Saudi uh Arabian monetary author Authority Hong Kong monetary Authority you know it all And and this person listed everybody Look at this director IMF this person's Governor South African Reserve Bank Israel Bank governor governor Central Bank Thailand president Federal Reserve Bank of New York Governor Saudi Arabia Bank Governor Austrian Central Bank Governor Central Bank Greece Hong Kong Chief executive monetary Authority Central Bank governor of Norway Russia Central bank manager of the bis board President of Swiss National Bank vice President Board of Swiss National Bank Peru Central Bank president teacher Economics University of Berkeley California you see what the point is who Does that how do you get in a room like That how does that happen these things Don't happen then of course we've got He's got this wrong that's not his name It's Naveen Gupta is his name this guy Is is with I think he's still with Ripple I can't remember Ordinary company we are not here to make I have a small market share or do X do y And make small amount of money or Something to happen we are here to make A dent in the universe either we will Change the remittance Universe the way
You understand the bay value gets Transferred across the world between People between institutions or we will Just fade away so it's almost zero or One and some of it comes from our Silicon Valley arrogance some of it Comes from yeah they'll either put a den In the universe or they'll go away then There's this of course and that would be All the money you'd say this before but I'll throw it out to the audience what Is interledger's total addressable Market size Foreign Nobody wanted to nobody wanted to feed It Um yeah it's all the money because what We're really talking about with this Idea of the internet of value Is creating a single global payment Network that connects literally everyone And processes maybe not 100 but 90 plus Percent of all the money 90 plus percent of all the money then we Had Chris Larson on money 2020. I can't Remember the year of here it is 2018. You know 10 years a very good point is Made up here it's the only clip I've Seen he was at money 2020 being Interviewed and I have never seen Anything except just this clip from that Interview 10 years out on the financial crisis we Still don't have the infrastructure
Perhaps to prevent the next one and I Think this is where digital assets can Really help because an efficient digital Asset can really solve some of the key Problems in global liquidity you know The world's got trillions and trillions Of dollars tied up in liquidity just to Get around how clunky the movement of Value is around the world if with a Really efficient digital asset something Like xrp and that's what we believe will Be the the the most efficient Um you can now reduce trillions and Trillions of capital from being tied up So you can make those transfers Instantly as a bank or as a payment Provider as our Enterprise without Having to have money pre-positioned all Over the world so that's And then there's this one let's get to This part this is Brianna Madigan who Ran uh I think she ran xrp markets She's from She's ex Goldman Sachs by the Way why is liquidity important for Market stability and health then I think Even to take a step back and by the way I saw her when I was in Austin that Consensus When Brad garlinghouse was Speaking she walked by me and looked Like she saw a ghost and I did not make It awkward for her and say anything to Her he has a lot of components that are Important to kind of address so one of Which is immediacy so I think about that
As how quickly can I get access to Markets and how quickly can I trade into And out of this asset or token uh for Another asset I think about the breadth Of the market so breath is sort of how You think about Um the trading volumes at different Prices in the order book Um and then depth of the market and Depth of the market is really about how Many orders there are close to exactly Where the price is currently trading of Varying sizes which would imply that you Could get a lot of volume through Without having much price movement as You're trading into and out of the asset And then in addition Accessibility is very important so Accessibility is just probably as it Intuitively sounds the ability to access Markets to trade in those assets very Easily and that can be geographically or Through multiple infrastructure Partners Whether it's exchanges or OTC desks or What have you and the last key attribute Of a healthy liquid Market is really Resilience and that is getting at the Ability for a market to recover from a Significant systemic event so if there Was some sort of a market shock the Ability for order books to get back to Normality and tighten back to similar Prices to where they were prior to that Event relatively quickly now what's
Interesting about that clip I just Played you is that's from one of the Ripple Um the Ripple drops and when they put That Ripple drop out they took out that Part you just heard where she said a Systemic event they took it out but of Course out here in social media once we Have it we have it and so it's out there Forever I'm going to finish with this Bob way who recently made a reappearance In social media He said this he was one of the first 10 Employees at Ripple before I read this I Want to tell you what Greg kids said When I interviewed him and he was one of The first two he said when he sat down At a card table and he heard about Ripple he said it and what they were Doing he said it was like Moses coming Down okay and this is what Bob way said Several people left fancy and fancy jobs And joined Ripple because I paraphrased If we capture even a minor fraction of The international payments Market do you Know the value xrp will need to have to Support that do do the math really Really big trade number divided by a Hundred billion xrp equals wow those Sort of conversations always booed my Spirits and made me smile but really They also gave me anxiety and made me Remember that my job was to make sure we Don't all F this up
I'm the digital asset investor I'm not An investment advisor this is for Entertainment purposes only Please Subscribe hit the like button and tell Your friends and family that this video Tells you why I have been so fixated for Over four years on this one company and This one digital asset [Music] Thank you [Music]
