Bitcoin is the “Napster of digital assets,” Ripple CEO Vrad Garlinghouse has claimed, and it will take subsequent companies and coins to make cryptocurrency truly successful.
Speaking to Bloomberg Asia (via Bitcoinist), he said: “Some may look back at Bitcoin and say that it is the Napster of digital assets. What I mean by that is that Napster was the first to digitize music and demonstrate that you can do a lot of cool things with that.
“But ultimately they were circumventing trademark laws, they were circumventing royalty payments and then government stepped in and Napster wasn’t successful. But Spotify, iTunes, and Pandora were successful.”
Some have pointed out that these statements may simply be a cunning way to undermine Ripple’s main rival, but it’s interesting to see the crypto industry directly compared to another relatively new digital sector.
“I think what you will find is that maybe the next generation of digital assets will end up solving some of the problems that Bitcoin set out to solve,” Garinghouse added.