Brad Garlinghouse publicly talked about his lack of confidence in the benefits of most cryptocurrencies on Tuesday at a Goldman Sachs Internet and Technology conference. The statement came as little surprise, as Garlinghouse has always been critical of the role of crypto currencies and euphoric about the system of central banks.
It reads a bit like "Smoking healthy but drawn doctor Marlboro": Brad Garlinghouse, who is largely responsible for Ripple, has the most coins on Tuesday publicly condemned . The CEO of Ripple said at a Goldman Sachs technology conference in San Francisco that he believes most digital currencies will eventually return to zero someday. The course determines itself in the long run by the benefit of the respective cryptocurrency and this is in some cases very doubtful, so Garlinghouse.
But also Bitcoin was criticized by his side: The mother of all crypto currencies is suitable only as an investment, similar to gold. And if transfers by means of the coins can not be handled quickly and cheaply, their courses would find themselves on the ground in the long term. Garlinghouse believes this will be the case with most digital currencies sooner or later.
The negative attitude of the Ripple CEO is reflected in the company's monetary system and its own cryptocurrency. Unlike virtual currencies such as Bitcoin, Ripple Labs Inc. works closely with numerous banks. Actually, Ripple (XRP) only serves to handle transfers between bank accounts in different countries. In addition, unlike most other cryptocurrencies, the XRP was designed from the beginning to complement and aid the traditional financial system, never as a substitute - earning it the dubious title of "Bitcoin of the Banks."
As the business insider notes , it is not only the masses of investors who determine the price of the in-house cryptocurrency XRP, but also Ripple Labs himself. The US company owns the majority of the capital and can thereby influence the price of its own cryptocurrency ripple. However, how investors in the crypto sector respond to his statement and how this will affect the ripple price in the short term can not be said at present.
