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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
Bitcoin37,278 0.39 % 2.57 % 20.53 %
Ethereum2,219.7 0.04 % 5.29 % 21.63 %
Tether1.000 0.04 % 0.18 % 0.19 %
Binance Coin305.46 0.08 % 4.17 % 8.23 %
Cardano1.260 0.11 % 7.09 % 11.38 %
XRP0.6290 0.21 % 4.37 % 12.30 %
USD Coin1.000 0.17 % 0.04 % 0.01 %
Dogecoin0.2004 0.32 % 10.34 % 15.91 %
Polkadot13.77 0.34 % 6.77 % 19.31 %
Binance USD0.9999 0.41 % 0.02 % 0.30 %

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