Ripple CEO says bitcoin is good as a store of value but not as a means for payment.

The CEO of Ripple Labs, Brad Garlinghouse, said that he is bullish on bitcoin as a store of value, but does not see leading cryptocurrency as a means of payment.

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While talking at the World Economic Forum in Davos, Brad Garlinghouse discussed how Ripple has been spearheading innovations in the remittance industry. He opined that the leading cryptocurrency bitcoin is not best suited as payment means, but a good store of value. He added that BTC users would not want to use it at Starbucks because, by the time they get their coffee, it would be cold.

 

“Most of the coins trading today will go down to zero in value.”

The CEO of Ripple had previously claimed that there would not be one coin to rule the crypto industry, and most of the coins that now being traded will go down to zero in value. During the World Economic Forum in Davos, Brad Garlinghouse also commented on energy consumed by bitcoin mining. He said that he was surprised to discover that 1% of global energy consumption is bitcoin mining.

 

Ripple will launch its IPO soon.

Ripple Labs that recently received a series C funding of $200 million, is planning to launch its Initial Public Offering (IPO) soon. When asked about IPO, Brad Garlinghouse said, ” we are not going to be the first, and we are not going to be the last, but I expect us to be on the leading side.” It’s a natural evolution for their company, he added.

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Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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