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Bitcoin is not the ‘panacea’ people thought

05 Jun Bitcoin is not the ‘panacea’ people thought

Posted at 12:10h in Bitcoin News by

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Bitcoin is not the “panacea” to solve the problems that people thought it would, Brad Garlinghouse, the CEO of blockchain start-up Ripple, told CNBC in an interview that aired Tuesday.

Ripple is a San Francisco-based company that is developing a network for faster global financial payments. XRP is the digital token that financial institutions on the network can use to transact quickly. The currency and the company were founded by the same people.

XRP is traded on cryotocurrency exchanges and one is currently worth 65 cents. Garlinghouse, who emphasized that Ripple is independent of the XRP token, said bitcoin will have a role in the future, but not one that will see it solve major problems, such as becoming a global currency.

“I think it’s (bitcoin) not going to be the…

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