Bitcoin (BTC), and Ripple (XRP), the third-biggest digital con by market cap, are not competitors, Ripple CEO Brad Garlinghouse claimed in a Fortune interview on June 20.
Ripple CEO Bitcoin prediction
Garlinghouse outlined the key difference of two major cryptocurrencies, arguing that BTC is a store of value or “digital gold,” while XRP is a “bridge currency” that enables an efficient solution for fiat-to-fiat transfers.
As such, Garlinghouse cited the difference between bitcoin and XRP in terms of transactions costs, claiming that Ripple can do a transaction for a tiny fraction of a cent while a bitcoin transactions cost roughly $2.30 on average. However, such a difference “does not mean that bitcoin is gonna fail or something,” Ripple CEO noted, stating that he “[does] not view them as competitive.
Garlinghouse expressed his confidence stating that there will not be one single cryptocurrency to “rule them all,” implying that each cryptocurrency should prove a certain use case. Regarding Ripple CEO prediction, he stated:
“I own bitcoin, I’m long bitcoin. I think Bitcoin is a store of value and people hold it.”
Whatever the case, it’s a positive sign when the Ripple CEO is speaking in a positive way about Bitcoin or other cryptos generally. Ripple has its purposes, and they’re quite different from the purposes of most cryptocurrencies. There’s no conceivable reason that it shouldn’t coexist.
Facebook has actually not launched any cryptocurrency
The CEO also expressed his stance towards the current environment on crypto markets, pointing out that there is “a lot of bullshit in blockchain and crypto market,” and it is often hard for the industry to separate the signal from the “noise.”
Garlinghouse spoke of the media overhype around the recently officially unveiled Facebook cryptocurrency libra, which is expected for launch in the first half of 2020. By way of example, he flagged up a recent CNBC article entitled ‘Facebook Launches Cryptocurrency’. Garlinghouse pointed out that Facebook has actually not launched any cryptocurrency so far, but just announced their intent to do so in a year from now.
Recently, AtoZMarket reported on the Ripple price rising 10% due to the partnershipwith MoneyGram to develop cross-border payments, as well as foreign exchange settlements with digital currencies. With this collaboration, MoneyGram will tap Ripple’s on-demand liquidity product, xRapid, to make blockchain payments commercially available, reducing the time and cost of settlement, while maintaining the level of security.
Bitcoin Price Outlook
The month of June looked like the crypto market will soon correct and probably lead to severe losses will be coming true. This event is because from $9,000 mark as of May, Bitcoin dropped to $7,400 zone. Nonetheless, it was a reminder that buyers should be in a hurry to speculate at a very early stage because, on 23 June 2019, BTCUSD hit its YTD high of $11,246.
Last time Bitcoin traded around the same price is Feb 2018, which is over a year ago. At press time, its daily trading volume is $20 billion and market capitalization is floating around $193 billion. In comparison with how BTC began the year, there have been significant advances.
Long-term investments in Bitcoin and Ripple now is advisable as both coins are highly secure and may result in good returns in the future even on a smaller investment.