In the interview, Garlinghouse outlined the key difference of two major cryptocurrencies, arguing that bitcoin is a store of value or “digital gold,” while XRP is a “bridge currency” that enables an efficient solution for fiat-to-fiat transfers.
As such, Garlinghouse cited the difference between bitcoin and XRP in terms of transactions costs, claiming that Ripple can do a transaction for a tiny fraction of a cent while a bitcoin transactions costs roughly $2.30 on average.
However, such a difference “does not mean that bitcoin is gonna fail or something,” Ripple CEO noted, stating that he “[does] not view them as competitive.
“I own bitcoin, I’m long bitcoin. I think Bitcoin is a store of value and people hold it.”
In the interview, CEO of Ripple also expressed his stance towards the current environment on crypto markets, pointing out that there is “a lot of bullshit in blockchain and crypto market,” and it is often hard for the industry to separate the signal from the “noise.”
In this regard, Garlinghouse spoke of the media overhype around Facebook’s recently officially unveiled cryptocurrency libra, which is expected for launch in the first half of 2020. Specifically, the Ripple exec cited a title of a recent article on CNBC “Facebook Launches Cryptocurrency,” arguing that Facebook has actually not launched any cryptocurrency so far, but just announced their intent to do so in a year from now. Previously, Garlinghouse considered that a cryptocurrency project by American banking giant JPMorgan Chase “misses the point.”