Ripple CEO: Most cryptocurrencies will go to $ 0

Ripple CEO: Most cryptocurrencies will go to $ 0

Ripple CEO Brad Garlinghouse Ripple Ripple CEO Brad Garlinghouse, the man behind the hot XRP token, said he expects ‘most’ cryptocurrencies will eventually go to zero. Speaking at the Goldman Sachs Technology and the Internet Conference, Garlinghouse said that most corners of the market are not a proposition, and are only a speculative basis. He still expects bitcoin, at least, to be around long-term as a store of value. SAN FRANCISCO – Ripple CEO Brad Garlinghouse may be the one behind the popular cryptocurrency XRP, but it does not mean that it will survive forever. Speaking to an audience of analysts at the Goldman Sachs’ Technology and Internet Conference on Tuesday, Garlinghouse said he believes “most” cryptocurrencies will eventually lose all of their value. In short, he believes that most of these corners are not so much a transactional currency, meaning there is no reason for them to exist. “It’s not clear what is the case, it’s not clear the what value proposition is,” he told the audience. “Long term value will be dictated by the utility of that asset.” XRP , which peaked $ 3.31 in January before falling to $ 0.99 at the time of writing, has caught the eye of investors because of the Ripple payments system. Essentially, XRP is a fast-moving and fast-moving international transactions between banks. To Garlinghouse’s point, that is the purpose of XRP. XRP holds the third highest market cap of any cryptocurrency, at $ 40.1 trillion. Still, some have criticized Ripple for holding the majority of XRP in company reserves, thus giving the company more influence over the price of the coin. This is in contrast to bitcoin, where inflation is determined by the rate at which “miners” generate new coins . Though Garlinghouse’s stance may have become prominent thanks to the recent crypto-craze, he has not written off all digital currencies. Garlinghouse gives a nod to the idea that bitcoin – which he says is 1000 times slower and more expensive than XRP – will still be used as a store of value. But it will not be used for payments, in his opinion. “Bitcoin is going to solve a different problem,” he said.

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