By CCN Markets: Forbes caught a comment by Ripple CEO Brad Garlinghouse at the 2019 Brainstorm Finance Conference, sponsored by Fortune magazine. While pointing out that he thinks a variety of coins will thrive in the future, Garlinghouse admitted that he is long on bitcoin.
“I don’t think that there will be one crypto to rule them all. I own bitcoin and am long bitcoin.”
Bulls Running Loose Makes Long Positions Easy
Being long on bitcoin this week, in particular, is a comfortable position to take. We’re in the middle of a massive upward shift that may or may not result in a new all-time high.
That said, the CEO‘s statement goes a long way for communities that have traditionally been at odds. Bitcoiners have long criticized Ripple for what they view as corporate centralization, with Ripple still controlling a significant amount of the XRP supply.
XRP proponents feel that it’s irrational to expect an under-regulated cryptocurrency to thrive in the distant future. They firmly believe that whatever model the traditional financial system adopts will be the long-term winner.
In the past, speculation on XRP has driven the price into the multiple-dollar range, making its overall network worth rather high for a time. It would be relatively unsurprising if we saw a similar return this time around.
Right now, crypto is pretty straightforward. Put some money in, let it grow, take profit or hold. Your call. It’s that easy when the bulls are running loose, though.
The price may be a mental construct – a shared delusion even – but it’s real enough that Coinbase will sell you cryptos based on it. This is, ultimately, the reason that price metrics matter.
Ripple CEO Admits He Likes Bitcoin
Garlinghouse is, of course, right to be long on Bitcoin. There’s reason to speculate favorably on XRP as well. Both are top 10 cryptocurrencies that have enthusiastic userbases and growing interest. These are the ingredients of bull pressure.
It’s also true that you can take the same money you might invest buying bitcoin and instead buy a bag of XRP, NEO, TRX, or something along those lines that has peaked before and is likely undervalued now. This strategy can yield a greater profit in the outcome — you might make 2,000% instead of 200%.
Whatever the case, it’s a positive sign when the Ripple CEO is speaking in a positive way about Bitcoin or other cryptos generally. Ripple has its purposes, and they’re quite different from the purposes of most cryptocurrencies. There’s no conceivable reason that it shouldn’t coexist.