Ripple CEO Brad Garlinghouse, attended the event organized by the Economic Club of New York and made statements about the need their cryptocurrency, XRP in today’s world.
According to Garlinghouse, crypto money is not used to pay much, especially in the first world countries. In order to explain this idea, Garlinghouse gave an example,
“I think some of you stopped by Starbucks before you got here and had no problems paying. Maybe you used Visa or the cash in your pocket. So, as a result, you were able to pay. Now when people ask if the crypto currency is used by the consumer, I ask, ‘What exactly are we trying to solve?’ If there’s no problem, why are we trying to change things?”
Garlinghouse says that citizens in the first world do not have to use cryptocurrency. So what exactly do crypto coins do?
Cryptocurrencies provide significant convenience in international payment transactions and can easily challenge traditional financial systems. He explains this with the Argentinian example ,
“When you go to Argentina, they give you a menu and you see three different prices. One dollar price, one Argentine peso price, one credit card price. Do crypto coins work in Argentina? Yeah. But I do not think that in large economies there is no need to use cryptocurrency.”