CEO of Ripple: XRP and Bitcoin are not in competition with each other

During a recent Fortune podcast, Brad Garlinghouse clarified why in his opinion XRP and BTC do not address the same audience

Ripple’s CEO, Brad Garlinghouse, has been very critical of Bitcoin (BTC) in the past, but recently wished BTC success in the long term.

In an episode of Fortune’s „Brainstorm“ podcast on 19 November, Garlinghouse stated that Bitcoin is not in competition with Ripple and that he continues to own a certain amount of BTC:

„I don’t think Ripple is competing with Bitcoin in any way. I want Bitcoin to succeed.“
On the other hand, he pointed out that during the next bull run, a growth of Bitcoin would also bode well for the other cryptocurrencies.

Bitcoin is very attractive to other digital assets, including XRP, due to its market dominance and increased appeal to investors. Currently, Bitcoin’s dominance rate is around 64%, meaning that two-thirds of the total crypto market cap is represented by BTC. During the altcoin boom in January 2018, this value had dropped dramatically to around 32.8%, according to CoinMarketCap figures.

Bitcoin dominance, however, has grown steadily over the last six weeks, in the wake of a series of major price increases. XRP is also gaining ground this week: according to TradingView data, it reached a peak of around $0.3075.

Garlinghouse’s positive statement on Bitcoin comes less than two weeks after Ripple’s CEO warned companies holding digital currencies.

In a tweet on 9 November, Garlinghouse implied that buying Bitcoin was not a good way to ingratiate itself with the new Biden administration, which is supposed to have very clear ideas about environmental regulations. For a long time both in the crypto community and in the mainstream media there has been debate whether Bitcoin’s consensus algorithm, which requires a considerable amount of resources, is harmful to the ecosystem.

Analysts believe that with a Biden presidency, listed companies may have to disclose all their greenhouse gas-emitting assets. For companies like Square and MicroStrategy, which have converted some of their balance sheets to Bitcoin, this could mean more reporting.