Cryptocurrency investor and entrepreneur David Gokhshtein, who's currently running for election to the U.S. House as a Republican to represent New York's 1st Congressional District, has voiced his support for XRP, claiming that the 'token is not useless.'
Cash is still king
Even though Gokhshtein is a rare pro-crypto voice in American political circles, he doesn't try to sugarcoat the detrimental impact that the coronavirus-driven recession will have on the industry.
As reported by U.Today, he made a prediction that investors would soon start selling their BTC for cash, which has so far proved itself as the only safe haven during this crisis.
Recently, Gokhshtein once again cautioned cryptocurrency investors not to pray for a financial collapse. The politician believes that it clearly wasn't Satoshi's vision.
Real use cases
Ripple CEO Brad Garlinghouse constantly urges regulators not to paint all digital assets with one broad brush to emphasize that XRP has real-life utility. The token is the cornerstone of Ripple's On-Demand Liquidity (ODL) solution, which allows cutting down the cost of cross-border payments.
When Garlinghouse was speaking about his predictions for 2020, he mentioned that the world didn't need thousands of digital assets since most of them do not even have a proven use case beyond price speculations.