American entrepreneur and CEO of Ripple, Brad Garlinghouse said that Bitcoin’s dominance is not going anywhere and the world’s largest cryptocurrency will remain an important part of the overall crypto ecosystem. He added that most people treat Cryptocurrencies as an inflationary hedge.
In an interview with CNN anchor Julia Chatterley, Garlinghouse mentioned that approximately 95% of its customers are not from the US. The San Francisco-based company remained in the news recently for shifting its headquarters from the US amid regulatory uncertainty.
Garlinghouse discussed the regulatory hurdles for XRP in the US and expressed optimism regarding the Biden government to present a clear framework for crypto companies to operate in the country. He added that the uncertainty has been damaging for the companies using XRP.
The Ripple CEO appreciated the recent investments by leading wall street firms in crypto and notified that some companies are investing as much as 10% of their overall portfolio into cryptocurrencies. XRP has gained more than 150% this year.
“The long-term value of cryptocurrency is in its ability to solve payment problems and with Ripple, our focus is to solve issues related to cross-border Payments in a cost-effective manner,” he added.
While talking about the company’s recent share selling of MoneyGram, he said that “we didn’t want to hold that much percentage.”
Regulatory Issues
Garlinghouse outlined the regulatory issues Ripple is facing in the US and said that we are just waiting for clarity from the SEC in order to make a decision.
“95% of our customers are non-U.S. customers, and only about 5% are here in the U.S. And people say ‘why you are a U.S. company’ and ‘why is that?’ One of the dynamics is that U.S. companies are waiting for the clarity, and that clarity emanates from the Securities and Exchange Commission,” he added.
Garlinghouse admitted that Bitcoin has always been a strong player in the crypto market, and there is nothing like 'competition' between Ripple and Bitcoin.
