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Ripple’s Brad Garlinghouse wants bitcoin to succeed after all

Ripple CEO Brad Garlinghouse may be a critic of Bitcoin (BTC), but he still wants the original cryptocurrency to succeed in the long run.

Appearing on a Nov. 19 episode of Fortune’s “Brainstorm” podcast, Garlinghouse reportedly said Bitcoin is not competing with Ripple and that he continues to hold the number one cryptocurrency:

“I don’t view what Ripple is doing as somehow competitive with Bitcoin. I want Bitcoin to be successful.”

He implied that, during the next bull market, a bitcoin rally bodes well for other cryptocurrencies.

Bitcoin has a large gravitational pull on other digital assets, including XRP, due to its sheer market dominance and wider appeal among investors. At last check, Bitcoin’s dominance rate was 66.2%, meaning two-thirds of the total crypto market cap was held in BTC.

During the peak of the altcoin boom in January 2018, Bitcoin’s dominance rate fell to a low of around 32.8%, according to CoinMarketCap data.

Bitcoin dominance has risen steadily over the past six weeks following a series of major price jumps. XRP is also breaking out this week, hitting a high of around $0.3075, according to TradingView data.

Garlinghouse’s positive outlook on Bitcoin comes less than two weeks after the Ripple executive warned corporations against holding the digital currency.

In a Nov. 9 tweet, Garlinghouse implied that buying Bitcoin wasn’t a good way to cozy up to the incoming Biden administration, which has taken a stronger stance on environmental protection. Bitcoin’s resource-draining proof-of-work consensus, meanwhile, is said to be damaging to the environment.

Under Biden’s leadership, publicly-traded companies may have to disclose all of their greenhouse gas-producing activities. For companies like Square and MicroStrategy, who converted a portion of their balance sheet into Bitcoin, that could mean additional reporting requirements.

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Crypto Stats


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin34,880 0.53 % 4.57 % 2.77 %
Ethereum1,321.5 1.37 % 6.49 % 26.40 %
Tether0.9987 0.05 % 0.29 % 0.36 %
Polkadot17.51 2.31 % 6.04 % 111.94 %
XRP0.2924 0.15 % 3.64 % 0.40 %
Cardano0.3629 0.41 % 2.87 % 26.07 %
Litecoin146.50 0.28 % 7.69 % 10.14 %
Bitcoin Cash491.76 0.71 % 6.15 % 8.86 %
Chainlink21.09 0.43 % 1.37 % 51.75 %
Stellar0.2903 0.71 % 3.97 % 3.35 %