Ripple CEO ‘Bullish on BTC As A Store of Value’ But XRP Is Fixing the Broken Payment Infrastructure
- Ripple can go public as soon as within the next 12 months
- Ripple is re-architecting the broken payments infrastructure fundamentally
- While Bitcoin mining contributes just 1% of global energy consumption is “stunning,” “running a validator on the XRP Ledger is like running a lightbulb”
Ripple CEO Brad Garlinghouse has indicated that the tech company could go public as soon as within 12 months.
While at the World Economic Forum in Davos, Switzerland, Garlinghouse told the Wall Street Journal that this is the “natural evolution” for the company. Ripple SVP Asheesh Birla tweeted Garlinghouse saying.
“In the next 12 months, you’ll see IPOs in the crypto/blockchain space. We’re not going to be the first and we’re not going to be the last, but I expect us to be on the leading side… it’s a natural evolution for our company.”
The news of Initial Public Offer (IPO) came after a month of raising $200 million in Series C funding, which valued the blockchain-based payment company at $10 billion. According to Investopedia, Series C funding is helping to boost valuation in anticipation of an IPO.
Ripple will remain incentivized in the success of XRP
Although “not directly correlated” with its digital asset XRP, trader Credible Crypto says, they are “indirectly correlated.” And because Ripple owns 60 billion out of the total 100 billion XRP,
“They will remain as incentivized as ever (even more so) in the success of XRP as a higher price will directly benefit their bottom line and thereby their shareholders.”
Just yesterday, Ripple released its Q4 2019 market report where it reported a drop of 78% in XRP sales. The firm sold a total of $13.08 million worth of XRP in Q4 versus $66.24 million in the previous quarter. With this lowest sales figure in the past three years, the total amount sold by Ripple so far has been $1.22 billion worth of XRP.
Bullish on BTC as a Store of Value
Speaking with WSJ, he also said that there won't be only one crypto, Bitcoin, to rule them all, however, he is
“bullish on BTC as a store of value, but not for payments. You don’t want to use BTC at Starbucks b/c by the time you get your coffee, it’ll be cold.”
Further comparing Bitcoin and XRP’s energy consumption, he said,
“We’re here at Davos where climate change is a big topic… 1% of global energy consumption is Bitcoin mining – that is stunning! Running a validator on the XRP Ledger is like running a lightbulb.”
Ripple is re-architecting the broken payments infrastructure fundamentally
He also talked about the “broken” payments infrastructure that Ripple is focused on fixing right at the core because “those who have the least, pay the most.” By dramatically reducing the cost of remittances, Ripple, he said changes the ability for billions of people, especially immigrants, “to participate in the financial system.” Garlinghouse said:
“We’re victims of a broken global payments infrastructure… You could remodel the house—which SWIFT is doing—but you won’t fundamentally fix the problem unless you rearchitect the house from the ground up, which Ripple is doing.”