Ripple’s CEO says, XRP and Bitcoin are not competitors
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.
Subscribe to our Newsletter