22 Nov

Brad Garlinghouse of Ripple wants Bitcoin to succeed after all


He clarified that Ripple is not trying to compete with Bitcoin during a podcast appearance.

Ripple’s CEO, Brad Garlinghouse, may be a critic of Bitcoin (BTC), but he still wants the original cryptomontage to succeed in the long run.

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In the November 19 episode of Fortune’s “Brainstorming” podcast, Garlinghouse apparently said that Bitcoin isn’t competing with Ripple and that it continues to support the number one cryptomone:

“I don’t see what Ripple is doing as a competition with Bitcoin. I want Bitcoin to succeed.

He implied that, during the next bull market, a Bitcoin rally bodes well for other cryptosystems.

Bitcoin has a strong gravitational pull on other digital assets, including XRP, because of its strong market dominance and its broader appeal to investors. In the last check, Bitcoin’s dominance rate was 66.2%, which means that two-thirds of the total capitalization of the cryptomoney market was held at BTC.

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During the peak of the altcoin boom in January 2018, Bitcoin’s domain rate fell to a low of about 32.8%, according to CoinMarketCap data.

Bitcoin’s domain increased steadily over the last six weeks after a series of big price jumps. XRP also skyrocketed this week, reaching a peak near USD 0.3075, according to TradingView data.

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Garlinghouse’s positive outlook on Bitcoin comes less than two weeks after the Ripple executive warned corporations about owning digital currency.

In a Nov. 9 tweet, Garlinghouse hinted that buying Bitcoin was not the best way to prepare for the incoming Biden administration, which has taken a stronger stance on environmental protection. Meanwhile, Bitcoin’s resource-depleting work trial consensus is said to be harmful to the environment.

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Under Biden’s leadership, publicly traded companies may be required to disclose all of their greenhouse gas production activities. For companies such as Square and MicroStrategy, which converted a portion of their reserves into Bitcoin, this could mean additional reporting.