Brad Garlinhouse serves as the CEO of Ripple. Ripple’s XRP is the third world’s largest cryptocurrency by market capitalization and one of the few blockchain projects with a clear use case.
Mr. Garlinghouse has been quite vocal about Facebook’s Libra project, which is supposed to be a digital currency that will allow for the exchange for a value between Facebook users. It’s a platform with more than 2 billion users, so it’s not something to be despised.
In Ripple’s CEO’s opinion that he gave to Bloomberg yesterday, it just so happens that:
“I think the U.S. dollar works pretty well. We don’t need a new fiat currency.”
“the way they turned this out, a lot of turbulence, a lot of headwinds.”
Mr. Garlinghouse had to face questioning about regulators about Facebook’s Libra happening. He knows. He’s had his fair share of problems with regulators on behalf of Ripple. He answered that regulators are concerned about Facebook’s track record when it comes to privacy and that the company has not done enough to mitigate those fears.
"I think the U.S. dollar works pretty well. We don't need a new fiat currency"– Ripple CEO Brad Garlinghouse on why he thinks Facebook took an arrogant approach with Librahttps://t.co/faVtrXTMej pic.twitter.com/aAs8YyyiEU
— Bloomberg TV (@BloombergTV) July 29, 2019
He explained that Ripple is the antithesis of Facebook’s Libra because it’s always been working with banks all around the world and making sure that regulations are respected.
Then, he was asked to compare Ripple with Facebook’s Libra project. He answered, explaining that Facebook is trying to solve a consumer problem while Ripple is not. Ripple is trying to connect financial institutions so that friction can be done away in international payments.
Facebook’s Libra is an assault on the system. Ripple wants to improve it using blockchain technology and cryptocurrencies.
Ripple’s CEO’s interviews are always interesting. He knows everything there is to know about the cryptosphere, cryptocurrencies, and blockchain technology. He never attacks rivals or competitors but explains what they’re going for. And this interview was typical of him.
So what should we make of this?
Well, it seems like nobody like’s Facebook’s initiative to go into blockchain technology. That’s not what Mr. Garlinghouse said (this time), but there is an alliance of institutions trying to block it at the US Congress. And Facebook’s reputation is so bad at protecting customer’s right that they might just block it.
Can Facebook beat Ripple? It all depends on the other question, will it go online? Will the US Congress allow it? If that happens, nobody can compete with Facebook’s Libra. It’s all about the user base. Two billion people for Facebook. How can you beat that? Even Bitcoin or BitTorrent would have a tough time facing that situation.
The thing is this: nobody in crypto wants Libra to go online. And no regulators want it to go online either. But Facebook remains so powerful! Remember, Barack Obama won his elections through small facebook donations.
So what will happen when it comes to Libra vs. Ripple? We don’t know. But if Facebook’s Libra goes online, even Bitcoin will have a tough time keeping up. That’s what we think.
Not only Ripple and its native token XRP, but the whole cryptocurrency market is also the way it is. It’s exciting; it’s giving us opportunities to get rich quickly. It’s also very risky and giving us the chance to lose everything in a heartbeat.
Who will know for sure? Do your research. Just make sure you don’t put into crypto the money you can’t afford to lose.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.