Stifle tech analyst, Lee Simpson had the rare opportunity to interview Ripple CEO Brad Garlinghouse at the Intercontinental Boston where an insightful exchange was witnessed. Garlinghouse gave the following insights on Bit-coin and the block-chain as a whole;
The Block-chain Won’t Disrupt Banks
Brad Garlinghouse insisted that the existence of the block-chain would not harm banks, an utterance which put a lot of bank authorities at ease. He also emphasized that in the block-chain, three factors would determine whether a token would be successful or not. These three factors are;
- Customer traction
- Product market fit
- Regulatory engagement
Bit-coin Is Not the Panacea Everyone Believed It to Be
He explained that Bit-coin had not lived up to its full potential. He compared it to XRP, saying that while Bit-coin took a whole 45 minutes to execute a transaction, XRP could settle it in 4 seconds. That is a stark difference in efficiency and usability. He further added that banks would take a product that offered them better productivity at the best prices, hinting at a possible mass adoption of XRP over Bit-coin.
Why the Words “coin” or “bit” Are Not in Ripple’s Name
Garlinghouse told of a personal story where he received a compliment from the CEO of one of the biggest banks in Australia, commending him for not having “bit” or “coin” in the product’s name.
Bit-coin Is China Controlled
Garlinghouse expressed his reservations about Bit-coin being the primary currency in the world someday. He further stated that Bit-coin was controlled by China since 4 Chinese miners controlled over 50% of Bit-coin. He just couldn’t see a world where other countries agreed to use a Chinese controlled currency as their primary currency.
Ripple CEO Owns Bit-coin
He confessed that he was long on crypto-currency and that he owned some Bit-coin himself. He also advised the audience to only invest what they are willing to lose in crypto.
Ripple’s End Game
He revealed that he was only motivated by customer experience and looked to serve the unbanked or under-banked by changing the way they participate in banking.
Pic – cnbc.com
