Ripple CEO Rejects Maximalism, Says There's Place for Bitcoin
In a recent episode of Metaco Talks, Ripple CEO Brad Garlinghouse shed light on his view of the crypto industry, rejecting maximalism.
Although Ripple holds a significant portion of XRP, Garlinghouse stressed that there is a place for Bitcoin and other digital tokens since they offer different use cases.
He emphasized that the company does not exclusively advocate for XRP. "We definitely are not maximalists," he affirmed.
Bitcoin has "limitations"
During the discussion, Garlinghouse commented on the recent push by traditional financial firms to file for spot Bitcoin ETFs.
The Ripple boss is optimistic about this development, comparing it to how gold ETFs offer investors exposure to gold without having to physically hold it.
Godfrey BenjaminDespite being bullish on Bitcoin and even owning some, Garlinghouse expressed skepticism about Bitcoin transforming the monetary system, due to its limitations, particularly in fees and speed. "As much as I'm bullish about Bitcoin," he stated, "I'm not sure I see that transforming the monetary system."
Ripple's Metaco acquisition
Garlinghouse's comments come amid Ripple's significant acquisition earlier this year, where it bought Switzerland-based crypto custody firm Metaco for $250 million.
This strategic purchase underscores the fact that Ripple is anticipating a surge in demand from institutional investors for crypto custody services.
"One thing you said really resonates with me... both Medico and Ripple came from the point of view that regulatory frameworks matter, that compliance matters," Garlinghouse said. "A lot of players in the crypto space have come from a kind of anti-government, oftentimes frankly anti-bank point of view... from the earliest days, Ripple took this point of view that if we want these technologies to have the biggest impact... we needed to work with the system, with governments, and with banks," he added.
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