There is never a lack of controversy in the world of cryptocurrency. According to Ripple CEO Brad Garlinghouse, Bitcoin will not remain the “gold standard” of cryptocurrencies for much longer. Instead, he is convinced that altcoins will carve out their own paths and no longer rely on Bitcoin’s price momentum.
Anyone who has paid attention to the cryptocurrency industry for more than three weeks will have noticed an interesting trend. Regardless of how successful or promising some altcoins may be, they will not thrive unless the Bitcoin price is going up. It is a very annoying trend which has hindered the growth of altcoins for some time now, unfortunately. It will be quite difficult to reverse this trend, assuming that’s possible.
Surprisingly, Ripple CEO Brad Garlinghouse is convinced things will change in favor of the altcoins fairly soon. Although he doesn’t deny the correlation between the price of XRP and the value of Bitcoin, he believes there may be a shift on the horizon. As one would expect, his statement has faced some opposition, even though most people would welcome such a change.
While the cryptocurrency scene is still in its infancy after nine years, the time has come for altcoins to emerge and carve out their own paths. Whether or not any of them will be able to do so in the near future is a different matter altogether. With speculation remaining one of the bigger problems affecting market growth, there will not be any exciting developments in favor of the altcoins anytime soon.
According to Garlinghouse, the decoupling of altcoin markets from Bitcoin will take place through “investor rationale”. In his view, it’s only a matter of time until investors see the value in individual cryptocurrencies and their respective technologies. At the same time, Garlinghouse believes certain altcoins will continue to ride the coattails of Bitcoin. Indeed, there have been a fair few cryptocurrencies coming to market which serve no real purpose and have no active use cases. Nor will they have any, by the look of things, even though such currencies remain extremely appealing to cryptocurrency speculators.
While the comments from Garlinghouse are pretty interesting, it remains to be seen if any of his predictions will come true. After all, Bitcoin has dominated the cryptocurrency industry for quite some time now, despite the Bitcoin Dominance Index dropping below 40% this year. An interesting situation is unfolding in the cryptocurrency industry, but nothing has been set in stone just yet.
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