Ripple CEO: Bitcoin Is Not a Competitor to XRP

The digital currency XRP and Bitcoin pursue different goals and are not competitors. This was stated by Ripple’s CEO Brad Garlinghouse said in an interview with Fortune.

“I do not consider Ripple to be a competitor to Bitcoin,” he said.

Garlinghouse reiterated his earlier point that Bitcoin is a good store of value, while XRP is more convenient for payments thanks to its speed, transaction costs, and scalability.

Garlinghouse linked Bitcoin’s ascent above $18,000 to institutional investor interest. He also urged U.S. regulators to back the development of the crypto market.

“Currently the United States is not aligned with major economies such as Japan, the United Kingdom, and Singapore, where there is a single, clear regulatory framework that provides a level playing field,” Garlinghouse said.

He added that excessive regulation is hindering Ripple’s success and is forcing the company to consider relocating to Bitcoin-friendly jurisdictions.

In the view of the Ripple CEO, in the current fight for the global financial infrastructure, China may have the upper hand:

“I am impressed by the Communist Party of China. They act strategically and are focused on dominating this space,” he added.

Earlier in late 2019, Brad Garlinghouse predicted the disappearance of 99% of cryptocurrencies lacking real use and liquidity.

In January 2020, Blockstream CEO Adam Back suggested that Garlinghouse was spending funds from XRP reserves to buy Bitcoin.

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