Ripple CEO Garlinghouse, stated during an interview that he is a major bitcoin supporter and that the cryptocurrency is a store of value. According to the coming altcoin news, during the Fortune’s Brainstorm Finance Conference, he pointed out:
‘’I don’t think there is going to be one crypto rule them all, I own bitcoin, I’m long bitcoin [and] I think bitcoin is a store of value [so] people hold it. I don’t think there is going to be one use case [for cryptos].’’
His comments appear as a surprise for the Ripple CEO since he once claimed that China was the one controlling Bitcoin. During that time, Brad Garlinghouse pointed out that the overwhelming presence of Chinese miners in the mining pools of China is the major reason why his stance towards bitcoin was negative. Bitcoin is so far having a wonderful year increasing more than 150% since January of this year. The cryptocurrency has seen some modest returns and even gained a little over 25% since the start of the year.
When discussing the Libra crypto project by Facebook, Garlinghouse stated that the news was bullish for XRP and Ripple as well. According to the Ripple CEO, Facebook’s entry into the payments systems will put banks and other mainstream financial institutions to go over the state of their operating infrastructure. He also noted:
‘’This week will probably be the best week of signed contracts at Ripple, ever… I think the banks realize that if Facebook is going to be a competitor in this space, they can’t depend upon a technology like SWIFT to compete in the marketplace.’’
Garlinghouse also reiterated Ripple’s commitment trying to stick close to its target niche in the entire financial ecosystem of the world which is transaction banking and liquidity management. As noted in the latest cryptocurrency news, Ripple and money Transfer giant MoneyGram have now formed a strategic partnership that involves the use of xRapid’s platform which could increase the utility for Ripple’s cryptocurrency.
Companies such as Visa and the Finality Consortium which is backed up by 15 of the biggest banks across the world have also launched similar cross-border payment systems that could be huge rivals to Ripple. For the Ripple CEO Garlinghouse, XRP remains the most efficient bridge currency for interbank purposes.
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