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Ripple’s CEO says, XRP and Bitcoin are not competitors



Ripple’s CEO says, XRP and Bitcoin are not competitors
Source: Pixabay

Brad Garlinghouse, CEO of Ripple claimed that XRP, the third largest cryptocurrency by market cap and Bitcoin [BTC] are not competitors.

In an interview with Fortune, Garlinghouse argued that the currencies were different in nature. He detailed that digital gold,Bitcoin was a store of value, whereas,XRP is a bridge currency that  enables an efficient solution for fiat-to-fiat transfers. enables an efficient solution for fiat-to-fiat transfers.

Garlinghouse also noted the transactional differences between XRP and Bitcoin(BTC), claiming that Ripple can do a transaction for a tiny fraction of a cent while a bitcoin transactions costs roughly $2.30 on average.

However, the Ripple CEO said,

 “Such a difference does not mean that bitcoin is gonna fail or something.”

Garlinghouse also explained that,each cryptocurrency should prove a certain use case and no single cryptocurrency can “rule them all”. He said, “I own bitcoin, I’m long bitcoin. I think Bitcoin is a store of value and people hold it.”

The Ripple CEO also commented on Facebook’s latest crypto venture,Libra. He said, 

“I’m thinking of sending a case of champagne to David Marcus,who runs the Facebook-led Libra project.It’s going to be a record week for Ripple.”

Facebook’s Libra wasn’t the only one who got attention all week. Ripple’s recent partnership with MoneyGram and its $50 million investment in the latter also stole the show.

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Chayanika is a full-time cryptocurrency journalist at AMBCrypto. A graduate in Political Science and Journalism, her writing is centered around regulation and policy-making regarding the cryptocurrency sector.