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- Ripple CEO Brad Garlinghouse states that institutional investor interest in Bitcoin is at a record high and will continue to grow.
- Garlinghouse reiterates its criticism of the United States for its lack of a clear regulatory framework.
Despite his previous comments about the ill effects that Bitcoin has on the environment betrayed Ripple CEO Brad Garlinghouse that he naturally wishes that BTC would be successful in the long term. In an interview for Fortune magazine’s “Brainstorm” podcast, Garlinghouse said that his company and Bitcoin have different goals that will be mutually beneficial:
I don’t see what Ripple is doing as in any way competitive with Bitcoin.
At the time of writing, all top 10 cryptocurrencies are posting significant gains. Bitcoin’s dominance in the market and the attention Bitcoin is getting from institutional investors are two key factors that sparked the rally. BTC (52.66%) achieved the second highest profit in a month, surpassed only by Litecoin (72,66%).
Both BTC and LTC have benefited from PayPal News as both currencies are integrated into the digital wallet. XRP has followed the uptrend and stands at $ 0.30 with a gain of 23.46% over the same period. Analysts predict an upturn for the digital assetwhich could bring its price close to $ 1. About the recovery in the market said Garlinghouse:
It’s never boring in crypto! Institutional investor interest is skyrocketing … industry growth depends on real usage. As a store of value, BTC is an extremely useful inflation hedge. The speed, cost, and scalability of XRP make it extremely useful for payments.
Details on Ripple’s possible emigration from the States
In addition, Garlinghouse called on regulators to recognize the “potential of these technologies” (blockchain and payment solutions such as on-demand liquidity). Ripple was one of the companies that tried to assist in creating a more favorable regulatory framework for cryptocurrencies. However, Ripple has not been able to do this to a satisfactory degree.
Therefore, the company is currently considering relocating its administrative headquarters to a country with more crypto-friendly regulations that ensure clarity and security in its operations. The UK and Japan are two hot candidates, according to Garlinghouse. On the podcast, Garlinghouse shared more details about this decision:
Believe me, we would certainly wish we hadn’t thought about it, but if we’re not clear then I have an obligation to our shareholders. Without this clarity, our success is limited. I think we run the risk of repeating this mistake in the battle for the global financial infrastructure around payments.
This could be exploited by China. Ripple’s CEO believes the Asian country has made significant strides in developing its CBDC. The digital yuan is in the testing phase and could be launched during the Beijing Olympics in 2022. Garlinghouse states:
I’m not really criticizing the Chinese Communist Party. I am even impressed. They are very strategic and very focused on dominating this.