Ripple's CEO criticizes bitcoin at the IMF and advocates for XRP as the future of payments.

Investing.com – Ripple's CEO, Brad Garlinghouse, harshly criticized bitcoin during a conference organized by the International Monetary Fund (IMF) and the Swiss Central Bank, arguing that XRP is the key to the future of global payment infrastructures. In a video posted on platform X, Garlinghouse stated that bitcoin is unsuitable for international transactions due to its slow validation and high operational costs.

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Criticism of bitcoin during IMF event

According to Garlinghouse, bitcoin was not designed to meet the needs of the current financial system. He emphasized that XRP offers transfers that are about a thousand times faster and cheaper than bitcoin, while also eliminating the need for pre-funding. This, he claimed, reduces the dependence of banks on "nostro" and "vostro" accounts, used in international foreign exchange operations.

Instant liquidity and new payment infrastructure with XRP

Garlinghouse stated that XRP has the potential to provide real-time liquidity, eliminating delays in cross-border payments. He highlighted that small businesses and freelancers in developing countries face difficulties in receiving payments, and that XRP can solve this issue.

He cited the example of a freelancer in the Philippines who was unable to receive timely payment from a company based in London, illustrating how Ripple's technology enables “instant and low-value” payments. According to him, this could significantly enhance global financial inclusion.