Brad Garlinghouse, CEO of Ripple is an outspoken individual who keeps repeating about cryptocurrencies having any value only if it solves a problem. Garlinghouse made it very clear in Recode’s Code Conference that he does not find any purpose for Bitcoin anymore.

Ripple’s CEO is not one to shy back when it comes to speaking about the ground reality.

Ripple’s CEO Brad Garlinghouse did not hold back at yesterday’s Recode’s Code Conference while trying to explain why Bitcoin is going backward. He even compared Bitcoin to Napster.

Napster was the pioneer of peer to peer file sharing and was a revolution in the music industry as music files were able to be transferred from computer to computer with a click of a button. Due to legal battles, Napster went from being one of the best new technological applications to an application no one used.

Garlinghouse criticized Bitcoin’s innovation.

“We may come to find that bitcoin is kind of the Napster of digital assets, this is a transformative technology, but Spotify and iTunes and Pandora rule the day because they engaged with regulators to solve a real problem,” Garlinghouse said.

Garlinghouse did thank Bitcoin for starting the cryptocurrency revolution, however, pointed out Bitcoin’s slow transfers and expensive fees.

“People talk about using bitcoin to buy coffee. The average bitcoin transaction can take as much as 20 minutes. And the transaction cost is going to double the price of your coffee,” Garlinghouse added.

Garlinghouse appeared on CNBC on Wednesday 30th May and spoke about Bitcoin’s influence over other cryptocurrencies.

“There’s a very high correlation between the price of XRP and the price of bitcoin, but ultimately these are independent open-sourced technologies. It’s early, over time you’ll see a more rational market and behaviors that reflect that,” Garlinghouse said at CNBC’s Power Lunch.

Ripple has had an exciting first quarter, with 20 production contracts with new firms. These include the largest bank in Kuwait and even Moneygram.

No wonder the CEO of Ripple, Brad Garlinghouse is getting so confident!

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