Bitcoin and XRP Can’t Be Used to Buy Coffee Anytime Soon: Brad Garlinghouse, Ripple CEO

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Young millennial woman drinking coffee on street texting. Source: shutterstock.com

While crypto enthusiasts are dancing to the beat of their drum claiming Bitcoin is the future of payments, Ripple CEO Brad Garlinghouse feels otherwise. In a recent podcast hosted by Stanford law professors Joe Bankman and Pam Karlan, he talked about the future of cryptocurrency markets, Bitcoin’s scalability problems and more. He claims that neither Bitcoin nor XRP, Ripple’s native currency, can be used for buying coffee at Starbucks anytime soon.

The G20 World Doesn’t Need Crypto Payments

On the possibility of cryptocurrencies replacing fiat, Ripple’s chief claimed that it seems impossible in the next ten years. He said that fiat currencies “work very well” in the G20 countries. In addition, he said:

“I don’t see a reason that you would, as a consumer, in the next ten years be using XRP to make consumer payments.”

Buying coffee with BTC is a dream for many crypto enthusiasts, but Garlinghouse believes that this dream will not come to fruition anytime soon. Watering down these expectations, he said:

“I don’t think we’re going to be buying coffee at Starbucks with Bitcoin or XRP anytime soon. I think we’ve got to ask ourselves: What problem is that solving?”

He further claimed that the US Dollar is doing well as a means of payment.

What About Non-G20 Nations?

Garlinghouse believes that the economies where central banking systems are not properly designed or functioning have “weak currencies.” Talking about a crisis like Venezuela, he said that cryptos could be of use.

He suggested that that in an economy facing hyperinflation, a consumer will prefer to hold a cryptocurrency as it is a better asset to hold and has a potential to appreciate without inflation.

Some members of the XRP team who have previously worked on the BTC network saw scalability problems in Bitcoin. The podcast also focused on the ability of cryptocurrencies, like XRP to make cross-border payments possible. Garlinghouse noted that we are living in an era where live broadcasts from space are possible but wire transfers take over three days to complete. He said that Ripple is trying to solve cross-border payment problem.

Bitcoin and XRP Can’t Be Used to Buy Coffee Anytime Soon: Brad Garlinghouse, Ripple CEO was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.