The CEO of Ripple affirms that BTC will never be the global currency.
Brad Garlinghouse, CEO of Ripple, was recently interviewed by CNBC, and stated that he does not believe that Bitcoin will become the global currency. He added that it is not the “panacea” that everyone expected it to be.
The XRP token, developed by Ripple, has acquired enormous popularity by being accepted in the most popular exchanges in the world, and can claim the 3rd largest market capitalization, according to Coinmarketcap.
With a current value of $0.65 per token, Ripple has a high processing speed, which according to Garlinghouse, would be “a thousand times” faster than Bitcoin.
“While Bitcoin will have an important role in the future, it will not be the one that
solves most of the problems that we’re expecting, and will never become a global
currency. I think it will never be the panacea that people expected outside, rather, specializations of different types of ledgers and different types of blockchain
are being seen”
Garlinghouse exclaimed recently from a conference stage.
He also emphasized the slowness of processing Bitcoin transactions, stating that it
was “too slow”, with up to 42 minutes of delay per transaction as opposed to the 4
seconds that an XRP transaction would take. He also noted the high, per transaction processing costs of Bitcoin transactions.
He commented that he does not see XRP as a rival to Bitcoin, but that the market accommodates the growth of many different products and cryptocurrencies, and there will be many winners.
Finally, Garlinghouse concluded, that the lawsuit for violation of US securities laws is outrageous, and that it relies on the legal department of the company to overcome the issue.
by Emanuel Andrade