On Dec. 2, Ripple’s CEO, Brad Garlinghouse, was interviewed by Julia Chatterley on the CNN International business program First Move.
In an introduction that powerfully illustrates how mainstream media attitudes are beginning to shift on digital assets—and the tone with which they are presented—Chatterley’s segment began by highlighting a Goldman Sachs prediction in 2018 that most cryptocurrencies will crash to zero. This dire warning was then contrasted with the triple-digit gains that BTC, ETH and XRP have seen in the year to date.
When asked what’s driving this year’s gains, Garlinghouse said: “It has definitely been an exciting year across crypto. I think one of the most important dynamics that is driving the crypto markets is the fact that many governments around the world are printing more fiat currencies—here in the United States, you see trillions of dollars of stimulus and that means we’re inflating the U.S. dollar. There are many people who want to hold non-inflationary assets. People are seeing crypto as an inflationary hedge.”
Garlinghouse was also quizzed about whether Bitcoin’s dominance—the market share that it commands over the entire crypto sector—will diminish overtime, especially as the likes of ETH and XRP outperform BTC.
The executive didn’t seem to think that BTC’s days are numbered, replying: “I think Bitcoin’s going to remain a very important player within the crypto community. When many first get involved in crypto, they start with Bitcoin and then expand their portfolio.”
That said, he did mention how Bitcoin’s Proof-of-Work consensus algorithm, which is incredibly energy intensive, could end up causing headaches for the big institutions who are investing aggressively in this cryptocurrency right now—especially as a climate-conscious Biden administration comes into power.
Garlinghouse also doubled down on his warning that the U.S. is “out of step” when it comes to regulatory clarity—with countries around the world offering more sophisticated guidelines for crypto entities. U.S. regulatory is so scattered, he told Fox Business in October, that it is “actually advantaging Chinese technologies.”
Earlier that month, Ripple’s co-founder and executive chairman Chris Larsen revealed that the company was considering relocating to the U.K., Switzerland, Singapore or Japan.