Bitcoin (BTC) is a perfect store of value, but it’s not a Panacea that could solve all the global financial problems, according to Ripple CEO Brad Garlinghouse.
Brad Garlinghouse – who previously predicted that only a few altcoins would exist in the next few years, now says Bitcoin doesn’t have the potential to become the global currency. The CEO, however, thinks Bitcoin will continue to work as the store of value; saying “We as a world have decided to store the value to the tune of about $130 billion… that’s a store of value. It’s hard to argue that.”
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Although he claims that there is no competition among cryptocurrencies, he still believes that Bitcoin cannot compete with XRP as a means of transfer of payments.
XRP is Better Than BTC
Brad Garlinghouse has continuously been criticizing Bitcoin’s dominating position in cryptocurrency markets. He thinks Ripple is in a better place to lead the cryptocurrency market considering mass adaptation from banks and payment services companies.
Explaining his stance, the CEO said, “the Bitcoin blockchain, the technology that underpins the cryptocurrency, is “quite slow,” whereas XRP transactions are “a thousand times faster.”
Bitcoin blockchain network on average takes 42 minutes for each transaction based on Blockchain.info record while XRP’s transaction stands in the range of four seconds.
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Ripple CEO has previously highlighted his concerns over the correlation between Bitcoin price and the rest of digital currencies, saying “There’s a very high correlation between the price of XRP and the price of bitcoin, but ultimately these are independent open-sourced technologies.”
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Brad Garlinghouse looks so optimistic over the future fundamentals of XRP network; the claim for mass adaptation isn’t out of context as RippleNet agrees with more than 100 companies and banks to enhance their domestic and cross-border payments.
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