Ripple CEO Brad Garlinghouse has claimed Bitcoin is the Napster of cryptocurrencies. He says cryptos are solving real-world money remittance and banking problems. Adding future generations are set to keep improving the ability to make payments, especially across borders.
The CEO is quick to compare BTC with the peer-to-peer file-sharing platform, Napster, a music sharing platform that was revolutionary at the time but failed to make any lasting impression.
The CEO is set to participate in the Millennium 2020 conference that will be held in Singapore, he said:
“Some may look back at Bitcoin and say that it is the Napster of digital assets. What I mean by that is that Napster was the first to digitize music and demonstrate that you can do a lot of cool things with that. But ultimately they were circumventing trademark laws, they were circumventing royalty payments and the government stepped in and Napster wasn’t successful. But Spotify, iTunes, and Pandora were successful.”
“I think what you will find is that maybe the next generation of digital assets will end up solving some of the problems that Bitcoin set out to solve.”
The statement can easily be seen as a way of promoting Ripple as he puts down Bitcoin. Ripple is a cryptocurrency that claims to decentralized whose goal is to help traditional financial institutions settle domestic and cross-border payments.
In many ways, Bitcoin is like Napster as it tries to undermine traditionally regulated infrastructures. For now, though, it’s too early to dismiss the dominant cryptocurrency. Assuming the coin will go the way of the file-sharing platform is far to fetched for now.
Bitcoin is the Napster of cryptos according to the Ripple CEO and his comments are intended to encourage investment in Ripple against doing so in the top crypto coin.
In the comment section below let us know if you agree with these comments from the Ripple CEO.