Ripple CEO Brad Garlinghouse reiterates – 99% of all crypto goes to zero! Ripple CEO Brad Garlinghouse firmly believes that 99% of all cryptocurrencies could become worthless in the future unless there’s a real use-case for the cryptocurrency.
“I have said publicly before that I think 99 percent of all crypto probably goes to zero, but there is that one percent that it hink is focused on solving a real problem for real customers and is able to do that at scale,” Garlinghouse told Bloomberg.
Garlinghouse, in the interview, recalled how Ripple (XRP) had moved from illicit use, via the SilkRoad, to a real use-case via the SWIFT Network.
Garlinghouse then explained why Ripple is a better alternative to SWIFT, the leading messaging network for financial institutions and is widely used for cross-border remittance, such as international Wires. He claims that SWIFT is more volatile given that it takes two or three days to settle a transaction. Meanwhile, an ordinary XRP transaction takes no more than a few seconds – a major selling point for Ripple.
“It turns out that the volatility risk is lower with an XRP transaction.”
The Ripple CEO claimed that SWIFT had failed to fix inefficient cross-border payments after claiming that they would do so – another reason why financial institutions do not like SWIFT.
Garlinghouse did address XRP’s grim price performance. Garlinghouse states that they pay attention to prices over the long haul. Unlocking the potential of digital assets could be a decade-long journey. However, he does believe that there is a lot of “bullish trends” for the whole crypto ecosystem.
Ripple is slated to hold its annual SWELL conference starting today and tomorrow. XRP has struggled to rally ahead of the much-anticipated event the way it did in 2018 and 2017.
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