- Ripple CEO reveals that he wants success for Bitcoin and recognizes growing interest from institutions in BTC.
- Garlinghouse reiterates Ripple’s criticism of the United States for the lack of a regulatory framework.
Despite his previous statements about the negative impact Bitcoin has on the environment, Ripple CEO Brad Garlinghouse revealed that he “wants success” for BTC. In an interview for the Fortune magazine podcast “Brainstorm,” Garlinghouse said that his company and Bitcoin have different goals that will bring benefits for each other:
I don’t view what Ripple is doing as somehow competitive with Bitcoin.
At the time of publication, the top 10 cryptocurrencies show significant gains. Bitcoin’s dominance in the market and the attention it’s received from institutional investors are two key factors that triggered the rally. BTC (52.66%) has the second-highest earnings in a month, surpassed by Litecoin (72.66%).
The latter cryptocurrency has benefited from PayPal’s announcement, integrating it into its crypto service. The digital asset XRP has followed the upward trend and stands at $0.30 with gains of 23.46% in the same period. Analysts predict a boost for the digital asset that could put its price close to $1. About the rally in the market, Garlinghouse said:
Never a dull moment in crypto! Institutional investor interest is skyrocketing… industry growth comes down to real world utility. As a store of value, BTC is an extremely useful inflation hedge. XRP’s speed, cost and scalability make it extremely useful for payments.
Details about Ripple’s exit from the US
In addition, Garlinghouse called on regulators to recognize the “potential of these technologies”. Ripple has been one of the companies trying to push for the creation of a more favorable regulatory framework towards cryptocurrencies. However, it has not succeeded.
The payment solutions company is currently considering moving its administrative headquarters to a more favorable country with regulations that provide clarity in its operations. The United Kingdom and Japan appear to be two strong candidates. In the podcast, Garlinghouse offered more details about this decision:
Believe me, we certainly wish this wasn’t something we were thinking about but if we don’t have clarity, I have an obligation to our shareholders. Without that clarity, it’s limiting our success. I think that we are in danger of repeating that mistake in the battle over the global financial infrastructure around payments.
This could be exploited by China. Ripple’s CEO believes the Asian country has made significant progress in developing its CBDC. The currency is in its testing phase and could be launched during the Olympics in Beijing in 2022. Garlinghouse added:
I don’t actually criticize the Chinese Communist Party. I’m actually impressed. They are being very strategic and very focused on dominating this.