That would bring Ripple market cap to USD334 billion versus USD275 billion for Bitcoin. Also, according to a recent tweet by blockchain expert George Kikvadze, Mr. Larsen holds a 37.0 percent stake in Ripple, which is a $320 billion firm. "The ripple network is meant to allow the transfer of any form of currency, regardless of whether it is the traditional sort, such as dollars or euros, or the new types such as bitcoin", IG wrote.
The company first released the XRP cryptocurrency in 2012, presenting it as a faster and more scalable alternative to Bitcoin. At Friday's record high prices, that gives Ripple about $136 billion worth of the digital currency.
He was briefly tied with Facebook CEO Mark Zuckerberg in the fifth place on the list of the world's richest. So, in total, he has control over 15.6 billion XRP.
The San Francisco-based firm is working to develop and mould the blockchain technology for the financial sector, especially for the inefficient cross-border payment system. He left the company in 2013 and founded another open source protocol Stellar in 2014. This estimation makes him one of the world's richest people, surpassing the wealth Jeff Bezos and Bill Gates. It's certainly not far off. Ripple's market cap is now sitting at $132.8 billion, putting Ethereum far closer to overtaking Ripple than Ripple is to Bitcoin (Bitcoin's market cap, although maintaining the lowest market dominance it's ever had at 33%, is still a whopping $258.2 billion).
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Further, XRP does not aim to replace existing legal tender unlike Bitcoin.
Both Ripple and Ethereum were nearly unknown by investors outside the close-knit cryptocurrency community but now these underdog tokens are proving their worth. "Bitcoin uses proof-of-work (mining)". (There are 100 billion coins in existence, though only 38.7 billion of them have been distributed.) Ownership of XRP is much more concentrated than it is for other cryptocurrencies like Bitcoin, which were built explicitly on the idea of decentralization. Ripple is similar to bitcoin in that both are decentralised ledger systems created to facilitate transactions across the internet.
As of 5.00 am ET on January 5, Ripple was trading at USD3.34 and Bitcoin at USD16,371.80, according to Coinmarketcap.
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