Ripple CEO and a former Yahoo employee, Brad Garlinghouse, has revealed that Bitcoin is not best suited as a payment means, but a good store of value.

Brad made this disclosure at The World Economic Forum (WEF) in Davos, Switzerland.

The Ripple CEO said he’s bullish on BTC as a store of value, but not for payments, adding that users of BTC would not want to use it at Starbucks because by the time they get their coffee, it would be cold. This statement, Brad was using to show how slow Bitcoin transaction is.

“I’m bullish on BTC as a store of value, but not for payments. You don’t want to use BTC at Starbucks b/c by the time you get your coffee, it’ll be cold.” –@bgarlinghouse at @WSJ Journal House … good point on why there won’t be one crypto to rule them all! pic.twitter.com/c89KrFILoc — Asheesh Birla (@ashgoblue) January 23, 2020

On January 23, Ripple was featured in a panel hosted by Wall Street Journal, tagged “Changing the Finance Industry From Within” during the WEF in Davos. The panel discussion was anchored by Phillipa Leighton-Jones, Editorial Director, Innovation, The Wall Street Journal & Dow Jones.

During this panel, the CEO of the enterprise blockchain firm discussed how Ripple has been spearheading innovations in the remittance industry.

In the past, Brad has said he was long on bitcoin, however, he said he did not consider the cryptocurrency a good means of payment when compared to XRP.

Brad Garlinghouse said with the increasing climate change, and considering that the topic at this event also includes climate change, it is surprising to discover that “1% of global energy consumption is Bitcoin mining – that is stunning”.

However, he said running a validator on the XRP Ledger is like running a lightbulb.

“We’re here at Davos where climate change is a big topic… 1% of global energy consumption is Bitcoin mining – that is stunning! Running a validator on the XRP Ledger is like running a lightbulb.” –@bgarlinghouse #WEF20 — Eric van Miltenburg (@ericvanm) January 23, 2020

IPO Natural for Ripple, Says Brad

Brad, whose firm just received a series C funding to the tune of $200M, will launch its Initial Public Offering (IPO) soon.

Before, Ripple had raised $93.6M. Now, the firm has received a total funding of $293.6M. The Series C funding heightened Ripple’s total funding by over 300%.

The CEO confirmed Ripple’s readiness to launch its IPO, saying in the next few months, crypto and blockchain space would be full of IPOs.

“We’re not going to be the first and we’re not going to be the last, but I expect us to be on the leading side… it’s a natural evolution for our company,” Brad said.