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

    The community of followers of Ripple is strong, constantly bragging about all of the ways that the third-highest cryptocurrency by market cap surpasses Bitcoin. However, the CEO does not see the two crypto assets as competitors at all, as he discusses the different use cases of each during an interview with Fortune.

    • 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 $0.24 XRP/USD exchange rate today. The real-time XRP market cap of $10.2 Billion currently ranks #3 with , daily trading volume of $203.47 Million and live coin value change of XRP 0.99 in the last 24 hours.

    Live Ripple (XRP) Price:

    1 XRP/USD =$0.2356 change ~ 0.99%

    Coin Market Cap

    $10.2 Billion

    24 Hour Volume

    $203.47 Million

    24 Hour VWAP


    24 Hour Change


    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Sritanshu Sinha
    Sritanshu Sinha
    Sritanshu has a keen interest in emerging technologies, startups and economic anthropology. He holds the view that cryptocurrencies are the best bet humanity has got to push the world towards a borderless economy.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


    Please enter your comment!
    Please enter your name here


    Live Bitcoin Price & Latest BTC Chart News

    Today's Latest Crypto News

    APRA Proposes Regulatory Framework For Facebook Led Calibra And Libra To Senate

    One of Australia’s financial watchdog agencies, the Australian Prudential Regulation Authority (APRA), could soon regulate stablecoin projects such as the controversial Facebook’s led Libra...

    Despite Swiss Regulators Saying Libra ‘Has Failed' They Might Still Be Open To Its Launch

    The Swiss government is spooked by concerns on the sustainability of FaceBook's Libra as a global currency. This adds to regulatory concerns raised by...

    Ripple, Coinbase Invested Bitso Is Hiring A Country Manager For Its Brazil Expansion

    The Mexican crypto exchange is hiring for its expansion into the Brazilian market The new position has to “create, iterate and scale crypto-powered...

    Reserve Bank of India: Crypto's Not Banned, But Ringfenced Regulated Entities Due to Risks

    In response to a petition filed by the IAMAI over RBI’s decision to not allow regulated entities like banks to deal in cryptos,...

    Crypto Bulls Definitely on Parade, Bitcoin Is Attracting ‘Very Substantial Buying Power'

    After 2019’s choppy recovery, the crypto market is now “launching what could be a far more sustainable bull market” Mid-cap cryptos showing more...

    Ripple Price Analysis: Can XRP/USD Buyers Keep The Uptrend Going?

    Ripple price is trading nicely above the $0.2300 and $0.2335 support levels. XRP to USD is likely to surge again if it clears the...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.