Ripple CEO admits to owning Bitcoins

1 min reading
Ripple's CEO: We Do Not Need Libra Cryptocurrency

Ripple CEO, Brad Garlinghouse, admits that not only XRP is on his private account. He also owns quite a number of Bitcoins.

Bitcoin as a store of value

Answers to the questions during the Thursday session of the Fortune Brainstorm Finance 2019 conference revealed, that the Ripple CEO is the owner of a large number of Bitcoins. Commenting on the nature of this cryptocurrency, Garlinghouse said:
I do not think there is one cryptocurrency that rules them all. I'm a Bitcoin owner, and I think that Bitcoin is a good store of value, that's why people do not get rid of it. I do not think there is one way to use crypto.
Not so long ago, Garlighouse claimed that Bitcoin is being controlled by China. At that time, Ripple CEO stressed the overwhelming presence of Chinese miners in the Bitcoin mining arena. So far, 2019 is one of the best for a Bitcoin. Since January, the price of the most popular cryptocurrency has increased by over 150%. XRP, in turn, recorded only small returns according to the standards of cryptocurrencies, gaining just over 25% from the beginning of the year.

Libra is bullish for Ripple

The entry of Facebook's Libra will be good for Ripple. When it comes to announcing Facebook's cryptocurrency, Garlinghouse believes that this news is optimistic for Ripple and the XRP currency. Speaking further in this matter, Garlinghouse jokes:
This week will probably be the best week of signed contracts at Ripple. I think the banks are aware that if Facebook is a competitor in this space, they will not be able to rely on technology such as SWIFT.
Garlinghouse also reiterated Ripple's commitment to sticking to its target niche in the global financial ecosystem - transactional banking and liquidity management. Ripple and the giant of money transfers, MoneyGram, have entered into a strategic partnership that will require the use of the xRapid platform. This, in turn, may mean an increase in the usage of the XRP cryptocurrency. Companies such as Visa and Fnality Consortium (supported by 15 major banks around the world) have also launched cross-border payment systems that can compete with Ripple. However, for Garlinghouse, XRP remains an effective bridging currency for interbank purposes.