Bitcoin Could Suffer Similar Fate To Napster

Ripple’s CEO, Brad Garlinghouse has been spotted saying that he does not see a good end for Bitcoin, and that the end might be sooner than we think. Speaking very critically of the number one cryptocurrency, he spoke about the fact that he believes Bitcoin could end very soon, as the market develops, saying;

“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 behaviours that reflect that…I think it’s not going to be the panacea that people once thought it would be, where it would solve all of these different kinds of problems. Instead, you’re seeing specialisations of different kind of ledgers, different kinds of blockchains.”

Ripple is developing a decentralised blockchain-based network, aimed to facilitate faster global financial payments. It has had a number of notable achievements, but despite this, the company lost 70% of its value, and was then considered a poor performer, although it should be noted that the entire market lost value. In a recent interview Garlinghouse stated that Ripple XRP token should be classed in a different way, saying;

“If you own XRP, you don’t own rights to the profits or any dividends to the company…XRP has utility”

He does also state that not all ICO’s should be considered as scams, and that many actually have real utility, saying;

“The SEC is getting involved as they should because there have been frauds committed…We have been advocate of yes the government should get involved, the government should be protecting investors and companies, but there’s also examples of real utility.”