Ripple CEO sounds off on Bitcoin, Libra and blockchain balderdash

"I own Bitcoin, I'm long Bitcoin. I think Bitcoin is a store of value and people hold it"

Bitcoin and XRP are not competitors, Ripple CEO Brad Garlinghouse said in a Fortune interview this week.

The former is a store of value or “digital gold,” while XRP is a “bridge currency” that enables an efficient solution for fiat-to-fiat transfers, he argued. “I own Bitcoin, I’m long Bitcoin. I think Bitcoin is a store of value and people hold it.”

Garlinghouse went on to state that there will not be one single cryptocurrency to “rule them all”. And he also noted that there is “a lot of bullshit in the blockchain and crypto market.” By way of example, he flagged up a recent CNBC article entitled ‘Facebook Launches Cryptocurrency’. Facebook has done nothing of the sort, Garlinghouse pointed out. Rather the social media giant has announced plans to do so in a year from now.

Be afraid, Ripple, be very afraid

Ripple should be losing sleep over Facebook’s Libra currency as it will do away with the need for hundreds of altcoins, including XRP, according to crypto analyst Max Keiser.

In a tweet dated 7th June, he said: “The altcoin apocalypse is nigh. This will drive Bitcoin higher as BTC competes with gold, not fiat”. Crypto payments ventures could also be wiped out, he added.



Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

Previous Article

The rise of stablecoins. Will banks ever learn?

Next Article

First $10k, then $11k as Bitcoin enjoys super Saturday

Read More Related articles