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Ripple CEO Brad Garlinghouse may be a critic of Bitcoin (BTC), but he still wants the original cryptocurrency to be successful in the long run.
Appearing in a November 19 episode of Fortune’s “Brainstorm” podcast, Garlinghouse allegedly said that Bitcoin is not competing with Ripple and continues to hold the number one cryptocurrency:
“I don’t see what Ripple is doing in any competitive way with Bitcoin. I want Bitcoin to be successful.”
He hinted that, during the next bull market, a bitcoin rally bodes well for other cryptocurrencies.
Bitcoin has a large gravitational pull on other digital assets, including XRP, due to its market dominance and wider appeal among investors. At the last check, Bitcoin’s dominance rate was 66.2%, meaning that two thirds of the total cryptocurrency market capitalization was held in BTC.
During the peak of the altcoin boom in January 2018, Bitcoin’s dominance rate dropped to a low of around 32.8%, according to data from CoinMarketCap.
The dominance of bitcoin has steadily increased over the past six weeks following a series of major price jumps. XRP is also coming this week, hitting a high of around $ 0.3075, according to data from TradingView.
Garlinghouse’s positive outlook on Bitcoin comes less than two weeks after the Ripple executive warned companies against holding the digital currency.
In a Tweet of November 9th, Garlinghouse implied that buying Bitcoin was not a good way to approach the incoming Biden administration, which has taken a stronger stance on environmental protection. Bitcoin’s proof-of-work consensus, meanwhile, is said to be harmful to the environment.
Under Biden’s leadership, publicly traded companies may have to disclose all of their greenhouse gas production activities. For companies like Square and MicroStrategy, which have converted a portion of their balance sheet into Bitcoin, this could mean additional reporting requirements.
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