Ripple’s XRP banner could be waving alongside the sporting nations of this world in 2020 if an online petition is successful in garnering the attention of those in power. Initially posted on Change.org in January, Ken Takahashi’s “International Olympic Committee: Make XRP the official cryptocurrency of the Tokyo Olympics 2020” petition has now started to gain some traction. After hitting the 10,000-signature mark in early October, the virtual appeal now has more than 12,500 supporters.
Using Cryptos to Improve the Olympics
According to Takahashi, making XRP a part of the 2020 Tokyo Olympics is the perfect way to alleviate “long lines at currency exchanges” as well as “confusing exchange rates and language barriers.” Pointing to previous Games in Beijing and Rio de Janeiro, the campaigner appears to have the welfare of fans and the Japanese economy in mind. However, to some, Takahashi’s sign-off statement seems to imply he has a vested interest in Ripple and XRP.
“We believe that the fast transaction times and security of Ripple Lab’s XRP cryptocurrency would be a great contribution towards solving this problem,” wrote Takahashi.
Whether or not this is a clever ploy by someone looking to boost the price of XRP isn’t really the issue here although it would be interesting if the petition was penned by a Ripple insider. In reality, making XRP a feature of the 2020 Olympics would put the digital token on the map. According to the stats, 3.6 billion watched the 2016 Olympic Games in Rio. With similar numbers expected in 2020, XRP would be exposed to a global audience. Beyond the viewing figures, everyone from TV networks to major corporations spends billions on the Games. Finding a place alongside some of the largest brands in the world could inspire companies to use the cryptocurrency.
We Still Can’t Use XRP
However, when you dig a little deeper, having XRP at the Olympics wouldn’t be much more than a PR exercise at this stage. Although the token has its uses, we’re yet to see a commercial product using it. In fact, there are two main issues surrounding XRP at the moment. The first is that casual investors aren’t sure what it is and often assume it’s the same thing as Ripple. In reality, Ripple is a company that created a decentralized platform based on XRP. It’s also has a majority holding in XRP, but it didn’t create it. Secondly, we don’t know who is using it. Ripple’s xRapid has been receiving rave reviews from companies testing it in private. However, the system isn’t live yet.
Although the creators have said the xRapid payment system will be released soon, nothing is set in stone. Until this happens, XRP doesn’t actually have any real-world utility at the moment. Does that mean you shouldn’t buy XRP while the price is low? Not at all. However, it’s worth remembering that this project is a work in progress. Exposure at the Olympic Games would certainly boost XRP’s profile, but would it help attendees avoid long queues at currency exchange kiosks? As it stands, probably not. So, while there’s no harm in signing the petition, it’s not something Ripple or XRP supporters should be pinning their hopes on.
*Information in this article should not be taken as investment advice.
For the latest cryptocurrency news, join our Telegram!
Theindependentrepublic.com is author of this content, TheBitcoinNews.com is is not responsible for the content of external sites.
Our Social Networks: Facebook Instagram Pinterest Reddit Telegram Twitter Youtube
