CEO of Ripple: Bitcoin price have outperformed the predictions made by several crypto critics in the past years
In a recent interview with CNN, Brad Garlinghouse, the CEO of Ripple made some pretty positive statements about cryptocurrencies. In it, despite some major world events that have been going on since the start of the year, Bitcoin price has outperformed some crypto critics’ predictions over the years.
— Julia Chatterley (@jchatterleyCNN) December 2, 2020
What is the driving force behind interest in Bitcoin price and the cryptocurrency market?
According to Garlinghouse, the driving force behind the growing interest in cryptocurrencies lies in the extreme money-printing trend that several governments around the world have embarked on.
He stated that this trend is rapidly raising the price of fiat types, prompting millions of people to look for non-inflationary alternatives:
“I think people are seeing crypto as, in some cases, an inflationary hedge. You are seeing names like Paul Tudor Jones and Stan Druckenmiller come into crypto and see it as an investable asset; those are important dynamics that are driving this market.”
He points out that Bitcoin’s environmental impact is a significant downside to a cryptocurrency as its mining consumes large amounts of energy. Garlinghouse also notes that the opposite is the case with XRP. According to Garlinghouse, XRP is an eco-friendly cryptocurrency because it doesn’t require mining, as opposed to some other technologies like Bitcoin, which uses Proof-of-Work.
However, he still believes that Bitcoin will always be an important player in the crypto community. He says it has always been the main entrance for every major company trying to invest in cryptocurrencies.
“I think Bitcoin is gonna remain a very important player within the crypto community, it has been and will continue to be. For so many people, Square and others, when they first get involved with crypto, they start with Bitcoin, and then from there, they expand their portfolio. I think it’s important to have that entry point.”
Several top figures have recently expressed their admiration for Bitcoin. Just a few weeks ago, one of Mexico’s richest people, Ricardo Salinas Pliego, said that he had 10% of his liquid assets in Bitcoin.
Moreover, in the past 12 months, the cryptocurrency market has seen tremendous development. Specifically, Bitcoin price increased by 162%; while ETH increased to 304% and XRP was no less competitive with 186%.
You can see the BTC price here.
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