Bitcoin Won’t Be The World’s Single Currency – Ripple CEO Brad Garlinghouse

News | June 6, 2018 By:

Brad Garlinghouse, CEO of blockchain startup Ripple, said that bitcoin will not be the catch-all solution people are hoping for in terms of being a global currency.

Speaking at the Money20/20 conference held this week in Amsterdam, Garlinghouse said that bitcoin will have a role in the future, but not one that will see it solve major problems, such as becoming a global currency.

“I think it’s not going to be the panacea that people once thought it would be where it would solve all of these different kind of problems and instead you’re seeing specializations of different kind of ledgers, different kinds of blockchains,” he said. “The bitcoin blockchain is quite slow.”

Garlinghouse noted that Ripple transactions are “a thousand times faster” and a “thousand times cheaper” than those of bitcoin.

“XRP transaction costs fractions of a penny and it settles in three seconds,” he said. “Comparatively,  you have bitcoin taking 45 minutes, sometimes hours to settle a transaction, and the cost can be three dollars to 30 dollars. So that might be cheaper than the alternative in today’s banking system, but it’s not really an Internet of value, a true step forward in how we can allow value to move the way information moves today.”

Garlinghouse said that while many see XRP as a rival to bitcoin, it’s not necessarily a case of one cryptocurrency versus another.

“Well, I don’t really think about it as one versus the other,” he said. “I mean it’s actually unfortunate I think that there’s some people in this, the crypto space, the blockchain space, for them it’s almost a holy war of one versus the other. I don’t look at that at all. I think that what we’re seeing is the overall growth of this space and there will be many winners. And I’m actually, and I’ve publicly shared that I am long bitcoin, I am long bitcoin cash, and I think they will continue to be many boats that rise as the sea rises around the blockchain space overall.”

Earlier this week, Apple co-founder Steve Wozniak said that he hopes one day bitcoin will become a single global currency, a prediction that has been previously made by Square and Twitter CEO Jack Dorsey