Apparently, Bitcoin is not the “panacea” that is needed to solve the problems people once imagined it would. So says Brad Garlinghouse, who just happens to be the CEO of Ripple, the crypto many believe is the real deal when it comes to panaceas!
On Tuesday in an interview with CNBC, Ripple CEO Brad Garlinghouse came out with the odd assumption that Bitcoin is not the “panacea” that people thought it was, and might not be able to solve the problems they thought it would. Panacea is a rarely used word these days, and is taken from the Ancient Greek Panacea, the Goddess of Universal Remedy.
It’s difficult to think which cross section of the population ever assumed that Bitcoin would be the “universal remedy” for all that is wrong in the financial world. The crypto society at large have long been aware of Bitcoin’s limitations as a functioning transaction tool, and as for society at large, far from believing Bitcoin to be some kind of digital currency Band-Aid, most would seem to be seeing BTC as an investable commodity rather than a practical solution.
Who Is Brad Garlinghouse?
And then there is Brad Garlinghouse. Now Brad is normally quite a smart guy, although one wouldn’t have thought it off the back of such an odd statement. 47-year old Brad hails from Topeka in Kansas, and is currently the CEO of the Ripple Company. Garlinghouse took over the reins of Ripple after the previous CEO, Chris Larsen had stepped down.
It was co-founder Larsen who had taken Ripple from an unknown company into a must-have commodity for banks worldwide. Simply put, Ripple offers the most technologically advanced exchange and transaction service available for banks today, and thanks to Larsen, they are aware of it. Larsen remains the company president, while Garlinghouse, a former a former AOL and Yahoo senior executive, has a tough act to follow.
What Did Brad Say About Bitcoin?
Basically, at a conference in Europe this week, Garlington extoled the virtues of Ripple at the expense of Bitcoin, largely for the uninitiated who aren’t aware of the substantial differences between currencies in the crypto market. Garlinghouse told CNBC at the Money 20/20 FinTech conference in Amsterdam, Netherlands:
“I think it’s (bitcoin) not going to be the panacea that people once thought it would be, where it would solve all of these different kind of problems… Instead, you’re seeing specializations of different kind of ledgers, different kinds of blockchains.”
Garlinghouse explained that the Bitcoin blockchain is “quite slow,” in comparison to that of Ripple which is “a thousand times faster.” Even though he seemed to be attempting to stoke it, Garlinghouse dismissed the idea that there was any rivalry between Ripple and Bitcoin, saying:
“Well, I don’t really think about it as one versus the other. I mean, it’s actually unfortunate, I think, that there’s some people in this, the crypto space, the blockchain space — for them, it’s almost a holy war of one versus the other. I don’t look at that at all.”
Neither does anyone else Brad. Ripple is streets ahead of Bitcoin as a technological tool, nobody doubts that. However, a single Bitcoin is currently valued at $7,633, and has been as high as $19,900. Ripple by comparison is valued at 67 cents per XRP. As an investable commodity, Bitcoin beats Ripple hands down, and everyone knows that.