Ripple CEO Brad Garlinghouse just made some bold comparisons at Recode’s Code Conference.
He said that Bitcoin may have sparked the cryptocurrency mania, but it could ultimately end up like now-defunct music service Napster. “We may come to find that Bitcoin is kind of the Napster of digital assets,” he said. “This is transformative technology, but Spotify and iTunes and Pandora rule the day because they engaged with regulators to solve a real problem.”
It’s important to note that Garlinghouse’s opinion is not so surprising given the fact that his fintech startup Ripple has its own rival cryptocurrency. XRP, the third-largest cryptocurrency by market cap after Bitcoin and Ethereum, is the name for both a digital currency and an open payment network. It allows users to efficiently send money globally using the blockchain.
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