Michael Arrington, the founder of TechCrunch, recently remarked that Ripple company’s XRP cryptocurrency may be technologically superior to Bitcoin (BTC) and Ethereum (ETH).
Arrington’s enthusiastic comments about XRP came during an interview with Block In Press, a South Korean blockchain firm. The TechCrunch founder noted that Ripple’s XRP was potentially “better” than BTC and ETH in terms of its ability to process transactions.
$100m Crypto Hedge Fund
Notably, Arrington has also launched XRP Capital, which is a $100 million hedge fund for strategic investments in various crypto and blockchain-related projects. According to the Stanford law school graduate, he opted to use XRP because he thinks that it can settle transactions more quickly and cost-effectively than the Bitcoin or Ethereum network.
When asked about other reasons why he chose XRP for his hedge fund, Arrington mentioned that:
We thought, in fact, we know XRP is the best for that first hedge fund firm to dominate in cryptocurrency.
“Bitcoin And Ether Can’t Compete With XRP”
He added that XRP’s “detractors” may argue its centralized and goes against the peer-to-peer electronic cash model of Bitcoin (BTC), but added that:
A lot of people in the U.S. just like it. And if you need to move some money like very quickly and very cheaply, there’s nothing better than XRP. Bitcoin and Ether can’t compete with that and it’s fantastic for that.
In his interview with Block In Press, Arrington also commented on South Korea’s business environment. He explained that the Korean market may be “a bit opaque” to Westerners, which can often make it challenging to work with local companies.
The TechCrunch founder argued, however, that there is great potential for crypto in the $1.4 trillion dollar economy because 40% of Korean white collar professionals are invested in cryptocurrencies,
Arrington also believes there is likely no other country where digital currencies have been so widely adopted, which to him suggests that most Koreans are receptive to new ideas and may be more willing to experiment with crypto-related ventures.