Ripple CEO Brad Garlinghouse may be a critic of Bitcoin (BTC), but he still wants the original cryptocurrency to succeed in the long run.
Appears on Garlinghouse, a November 19 episode of Fortune’s “Brainstorm” podcast Reportedly said Bitcoin does not compete with Ripple and continues to hold the number one cryptocurrency:
“I don’t see what Ripple is doing as competing with Bitcoin. I want Bitcoin to be successful. ”
He suggested that during the next bull market, a bitcoin rally bodes well for other cryptocurrencies.
Bitcoin has great appeal for other digital assets, including XRP, because of its enormous market dominance and broader investor appeal. Bee final checkBitcoin’s dominance rate was 66.2%, meaning two-thirds of the total crypto market cap was held in BTC.
At the peak of the altcoin boom in January 2018, Bitcoin’s dominance fell to a low of about 32.8%, according to data from CoinMarketCap.
Garlinghouse’s positive outlook on Bitcoin comes less than two weeks after the Ripple director warned companies against holding the digital currency.
In a November 9 tweet, Garlinghouse suggested that buying Bitcoin was not a good way to connect with the upcoming Biden administration, which has taken a stronger stance on environmental protection. The consensus of evidence of work from Bitcoin, which consumes a lot of resources, meanwhile appears to be damaging to the environment.
Under Biden’s leadership, listed companies may need to disclose all of their greenhouse gas production activities. For companies like Square and MicroStrategy, which have converted part of their balance sheet into Bitcoin, that could mean additional reporting requirements.