Bitcoin’s has its share of naysayers who assert it will never achieve the worldwide adoption often prophesied by its most ardent aficionados. However, no cryptocurrency developer is more convinced of the coin’s flaws than Brad Garlinghouse, the CEO of Ripple.
“I think [Bitcoin is] not going to be the panacea that people once thought it would be, where it should solve all of these different kinds of problems… Instead, you’re seeing specializations of different kinds of ledgers, different kinds of blockchains,” he told CNBC.
Indeed, Bitcoin is currently facing tough competition from other cryptocurrencies that have improved upon its technology to provide new ways of storing and transferring value.
The thing is that Garlinghouse does not even consider cryptocurrencies money per se. In a February interview, he said they are more like digital assets, noting that they are not currently easy to spend in the same way one would fiat money.
Despite his opinion of Bitcoin, he refrains from pitting XRP against it, claiming the idea is not to make comparisons between the two coins.
“I don’t really think about it as one versus the other. I mean, it’s actually unfortunate, I think, that there’s some people in this, the crypto space, the blockchain space—for them, it’s almost a holy war of one versus the other,” Garlinghouse said.
In the same interview, he was asked about the lawsuit Ripple is currently facing.
“Here’s somebody who held XRP for, I think, two weeks… and is making some claims. Whether or not XRP is a security is not going to be dictated by one lawsuit… I think it’s very clear that XRP is not a security, it does exist independently of Ripple the company. If Ripple the company is shut down tomorrow the XRP ecosystem would continue to exist. It’s an independent, open-sourced technology,” Garlinghouse said.
Despite his confidence in the strength of Ripple’s legal case, the company has employed the services of a former SEC boss to help with the defense
If Ripple loses, it could establish a precedent that strongly impacts the cryptocurrency ecosystem in the United States.
Add a Comment
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.