Bitcoin

Ripple’s Brad Garlinghouse wants Bitcoin to succeed after all

The CEO of Ripple, Brad Garlinghouse may be a critic of Bitcoin (BTC), but still wants the original cryptocurrency to be successful in the long term.

As a result of the November 19th podcast “Brainstorming” from luck, Garlinghouse apparently said that Bitcoin does not compete with Ripple and continues to support the number one cryptocurrency:

“I don’t see what Ripple is doing as a competitor to Bitcoin. I want Bitcoin to be successful. “

He indicated that during the next bull market, A bitcoin rally is a good sign for other cryptocurrencies.

Ripple’s Brad Garlinghouse wants Bitcoin to succeed after all
Ripple’s Brad Garlinghouse wants Bitcoin to succeed after all

Bitcoin has great appeal to other digital assets, including XRP, due to its great dominance in the market and its wider appeal to investors. At the last exam Bitcoin’s dominance rate was 66.2%. This means that two-thirds of the total market capitalization for cryptocurrencies was held in BTC.

During the peak of the altcoin boom in January 2018, Bitcoin’s dominance rate fell to a low of around 32.8%. according to CoinMarketCap data.

Bitcoin’s dominance has steadily increased over the past six weeks after a Series of big price leaps. XRP also rose this week, hitting a high near $ 0.3075. based on TradingView data.

Garlinghouse’s positive outlook on Bitcoin comes less than two weeks later The Ripple executive warned companies against owning the digital currency.

In one Tweet from November 9th, Garlinghouse hinted that buying bitcoin is not the best way to prepare for the new Biden administration, which is taking a stricter stance on environmental protection. In the meantime, Bitcoin’s resource-damaging proof-of-work consensus is set to harm the environment.

Under Biden’s leadership, publicly traded companies may be required to disclose all of their greenhouse gas production activities. For companies like Square and MicroStrategy that have converted some of their reserves into bitcoin, this could mean filing additional reports.

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