In an interview provided the on Wednesday for CNBC’s Power Lunch, Ripple (XRP) own CEO Brad Garlinghouse was in the spotlight due to the most recent events of having Ripple sealing a deal with one of the greatest banks in Kuwait, which is another one of great victories for Ripple among over 20 amazing deals the team has made with banks and financial institutions. Garlinghouse talked about Ripple during this interview, but the thing that caught the public’s attention was his statement regarding Bitcoin in oppose to other assets in the market, much like Ripple. Garlinghouse claims that Bitcoin will no longer have the same influence on digital assets like Ripple, here is why.
Ripple and Other Currencies Are No Longer to Have the Market Price Dictated by Bitcoin (BTC)?
Bitcoin is known as the first and the original digital coin that appeared almost ten years ago when it was initially issued by an anonymous hacker or a group of hackers known by the name Satoshi Nakamoto.
Over the time of its appearance, BTC went up to 20.000$ per one unit, however, it can now be seen trading at only around 7.100$ per one unit. Although not many holders realize this, BTC is in a great portion related to the price of other currencies.
That is why Garlinghouse stated that although the price of Bitcoin is somewhat dictating the price of Ripple (XRP) and other currencies, this case is ought to change pretty soon.
As one of the reasons for this statement, Garlinghouse said that although the price of BTC is correlated with the price of XRP and other currencies in the crypto market, the technologies that are essential for both assets are completely different.
Ripple Has More Advanced Technology
Bitcoin might be the first coin ever to be made, however, if you take some time to analyze the two different technologies, the one that is being used by Ripple and the other seen in Bitcoin, you can definitely spot the differences, which are crucial to differentiate these two assets.
Bitcoin is the first and the original product of blockchain technology, but other currencies that have been issued, later on, have had a chance to learn from the mistakes spotted in Bitcoin.
During the numerous tests that revolved around the efficiency of Ripple (XRP), it became obvious that transactions on Bitcoin blockchain came as more expensive and much slower when compared to Ripple and more than several other platforms available on the market.
Garlinghouse believes that these differences will surely stop the hegemony that Bitcoin has over the price of XRP and other digital currencies as people are becoming more aware of the importance that the technology behind Ripple holds.
Market Will Become More Rational
Garlinghouse also added in his interview that he believes that the market will eventually become more rational, which means that people will come to know the difference between an outdated technology that can be spotted in BTC network and networks that are working on the integration of new features while working on the general development of the given ecosystems.
Bitcoin network is not driven by this philosophy as Bitcoin realistically doesn’t have a team to “watch over” new updates when required by the network’s need.
That is how Ripple (XRP) CEO believes that once the crypto craze is over, the cryptos that are worthy in reality will remain on the top while the outdated technologies will surely get less value on the market as a consequence.
Ripple, Banks and Financial Institutions
Ripple is known by often getting to the headlines on the internet for sealing deals with financial institutions and banks like Western Union, MoneyGram, Santander bank and over 20 different deals related to the financial industry.
Given the fact that Ripple (XRP) Foundation is thriving I the field of getting recognized by more than one prominent institution in the world of finances, Garlinghouse believes that the price of XRP in the market will in the future get to achieve the value that goes in accordance with the technology behind Ripple and its currency, XRP.
So, according to Garlinghouse, Ripple (XRP) alongside with its crypto peers should soon stand at the end of Bitcoin’s hegemony over the market if it is to take Mr. Garlinghouse’s prediction as a realistically possible scenario, that does make sense in more than one way when observed from this point, especially now when BTC can be seen dropping for weeks and ending up at the price of around 7.100$.
Do you believe that Bitcoin will be “over-played” in the future, near or far, as Brad Garlinghouse claims?