Top stories

Ripple CEO admits Bitcoin is a store of value

Brad Garlinghouse, the CEO of the third largest crypto coin earlier today speaking to CNBC admitted that Bitcoin is a store of value. He goes on to say that even though BTC cannot compete with XRP in terms of cost and transfer time the top crypto coin is definitely valuable.

Garlinghouse is attending the money 2020 conference that is taking place this week in Amsterdam. He adds that he doesn’t necessarily feel like the two crypto coins are in competition with each other. He points out that specializations of different kinds of ledger allow different kind of blockchains to find their own niches.

When it comes to transfers, the CEO feels XRP has the edge over Bitcoin given that it takes seconds whereas BTC takes a bit longer and due to this his company offers better utility in this niche.

However, he is quick to point out that BTC is not entirely useless as some altcoin fanatics would have you believe.

“I think it (Bitcoin) is a store of value. We as a world have decided to store value to the tune of about $130 billion. That’s a store of value. It’s hard to argue that.”

Garlinghouse then digresses from the topic and chats about other ongoing projects within the crypto space. He says that some ICOs are not clear about the problem they are trying to solve and for this reason, he is very skeptical if they are going to retain any value in the future.

He then goes on to address the lawsuit his company is facing. The plaintiff is Ryan Coffee who has filed a lawsuit in California in regards to a breach of securities law violations. He lost money trading ripple and claims that the team behind XRP were the cause to this after they sold tokens they had gifted themselves after creating the platform and in the process earned millions. Garlinghouse, however, dismisses this case as outrageous.

Its true Ripple is superior to Bitcoin when it comes to transferring time and cost but one thing that is for sure is, Bitcoin is a store of value.

Do you agree with Garlinghouse sentiments? Share your thoughts in the comment section below.

coinmag

Basil is a Bitcoin and blockchain evangelist with several years of writing in tech and finance related industries. Having several years of experience with leading cryptocurrency and tech related sites in past, he believes strongly in the revolutionary power of the blockchain technology.

Leave a Comment

Your email address will not be published. Required fields are marked *