Rival supporters of bitcoin and Ripple, the company behind the XRP cryptocurrency, have often not seen eye to eye with accusations thrown from both sides of out-dated technology and centralized control.
The recent resurgence in the bitcoin price, which has soared more than 200% so far this year, and pushed up the wider cryptocurrency market including Ripple’s XRP, has triggered some fence-mending between the two camps with the Ripple chief executive Brad Garlinghouse making a “turnaround” on bitcoin and declaring he is “long” on bitcoin.
“I don’t think that there will be one crypto to rule them all,” Garlinghouse said, speaking at the Fortune Brainstorm Finance 2019 conference. “I own bitcoin and am long bitcoin.”
The bitcoin price rally over recent months has propelled cryptocurrencies back into the public consciousness after bitcoin mania swept the world in late 2017 and put to rest fears the bitcoin and cryptocurrency experiment might have come to an abrupt end.
Bitcoin has risen over 200% since the start of 2019 after losing some 80% of its value last year as the likes of Facebook and other Silicon Valley giants eye cryptocurrencies, taken by many as proof of bitcoin and XRP’s potential.
“I think bitcoin is a store of value and people hold it,” Garlinghouse added.
XRP has meanwhile added some 30% to its price so far this year after outperforming bitcoin and many other major cryptocurrencies last year thanks to some adoption of Ripple’s products from the world’s biggest banks.
Garlinghouse’s interview turned the heads of some bitcoin and cryptocurrency analysts, with eToro’s senior market analyst Mati Greenspan tweeting it’s “quite a turnaround from [Garlinghouse]. Great stuff!”
Garlinghouse has previously thrown shade at bitcoin, saying it’s not the “panacea” to solve the problems that people thought it would be and that “bitcoin is really controlled by China,” due to the bitcoin mining power in the country.
Meanwhile, Garlinghouse said he wasn’t worried about Facebook’s announcement that it plans to launch a potential rival to both XRP and bitcoin, saying “it was a big deal for Ripple”, and over time, people will believe it was “bigger deal for the cryptocurrency markets overall”.
XRP leaped higher last week, fueling the bitcoin and wider cryptocurrency market rally after it was announced Ripple, which created the XRP protocol and owns some 60% of XRP tokens, planned to partner with cross-border money mover MoneyGram to settle its foreign exchange using XRP.