Ripple CEO Tells Fortune XRP and Bitcoin Aren’t Competitors, But is Long BTC and Holds it as Store of Value


  • Ripple CEO spoke to Fortune to outline the differences between XRP and Bitcoin.
  • Ripple recently formed a partnership with MoneyGram.

Bitcoin has long reigned as the top cryptocurrency, ever since the market began. Ripple joined the crypto industry years ago, positioning itself as an efficient and low-cost solution for cross-border payments, and much of the community took sides. However, it looks like Ripple CEO Brad Garlinghouse is working to establish some peace in the market, telling Fortune that Bitcoin and XRP are not competitors in the slightest.

During the interview, Garlinghouse explained that the two cryptocurrencies have different roles. Bitcoin, as he stated, is a store of value, worthy of being called “digital gold.” XRP, on the other hand, is meant to be used as a “bridge currency” instead, allowing fiat-to-fiat transfers, holding little value itself. Transaction costs are another big difference between the two assets, considering that Ripple has the ability to send transaction with hardly any fee, while Bitcoin has an average cost of $2 to $3.

Still, the Ripple CEO was clear that these differences are not indicative that “Bitcoin is gonna fail,” because he does not see the two coins as being competitive. He even said that he does not believe in the possibility that one cryptocurrency would “rule them all” eventually, implying that cryptocurrencies will ultimately need to have a use case that makes them unique.

Reprising the sentiment of no competition, Garlinghouse added, “I own Bitcoin, I’m long Bitcoin. I think Bitcoin is a store of value and people hold it.” He also spoke about the present crypto market, saying that there is a lot of unnecessary “noise” in the market, making it hard for players to find the actual signal.

One of the issues that Garlinghouse brought attention to was how much hype and talk has been around the launch of Facebook’s cryptocurrency Libra. The token is not even expected to make an appearance until next year, which was misrepresented by CNBC with an article titled “Facebook Launches Cryptocurrency.” Garlinghouse had previously even said that the JPMorgan Chase cryptocurrency “misses the point.”

Bitcoin was formerly a subject that earned criticism from the Ripple CEO, which is a stark contrast to the report from Fortune. In an article by ToshiTimes last year, Garlinghouse let out a tirade of insults against the asset, saying that it was helpful in establishing the “crypto revolution” for the platforms that now offer more speed and efficiency.

Ripple recently announced a partnership with MoneyGram, a money transaction service, to create cross- border payments and foreign exchange settlements, purely using digital currency. As a result, Ripple will provide up to $50 million in equity to MoneyGram in exchange.

XRP’s price is $0.25 XRP/USD exchange rate today. The real-time XRP market cap of $10.67 Billion currently ranks #4 with , daily trading volume of $186.84 Million and live coin value change of XRP 2.46 in the last 24 hours.

Live Ripple (XRP) Price:

1 XRP/USD =$0.2464 change ~ 2.46%

Coin Market Cap

$10.67 Billion

24 Hour Volume

$186.84 Million

24 Hour VWAP

$0

24 Hour Change

$0.01

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