In an interesting display of trading acumen, Bitcoin critic and Ripple CEO Brad Garlinghouse has declared that he is now long Bitcoin.
“I don’t think that there will be one crypto to rule them all,” Garlinghouse said, speaking at the Fortune Brainstorm Finance 2019 conference. “I own bitcoin and am long bitcoin.”
“I think bitcoin is a store of value and people hold it,” Garlinghouse added.
Garlinghouse has been a noted critic of Bitcoin, telling CNBC that bitcoin blockchain is “quite slow” compared to XRP’s and that bitcoin itself wasn’t “the panacea that people once thought it would be.” He even told a crowd that “Bitcoin is really controlled by China” because four Chinese miners “control over 50%” of it.
As such, Garlinghouse’s conference interview raised more than a few eyebrows, with Mati Greenspan, senior market analyst at eToro, saying that it’s “quite a turnaround.”
With Bitcoin rising over 200% this year, it looks like a wonderfully-timed turnaround as well.
Photo: TechCrunch