Ripple’s CEO Says “Bitcoin’s Controlled By China,” Bashes Blockchain Hype

Ripple’s CEO Says “Bitcoin’s Controlled By China,” Bashes Blockchain Hype

While crypto-enthusiasts keep going crazy about blockchain-bitcoin stuff, Ripple’s CEO Brad Garlinghouse tries to cool things down. As a leader of a company which runs the third most valuable cyber-coin XRP, Garlinghouse has claimed that the DLT technology which makes the core of lots of cryptos is just hype, whereas bitcoin itself is in the hands of Chinese miners and is not likely to become a single global currency.

Bitcoin Under Ripple’s Attack

According to news.Bitcoin.com, this week Ripple’s CEO attended 2018 Stifel Cross Sector Insight Conference, which took place in Boston, the U.S., where Stifel Tech expert Lee Simpson interviewed him. Garlinghouse for sure spoke about Ripple, but bitcoin was also a hot pie there in the conversation.

It turned out that Garlinghouse is not staying on the same side with Steve Wozniak who has recently expressed his desire for bitcoin to become world’s single global currency, neither Garlinghouse shares the same views with Twitter’s CEO Jack Dorsey who had previously said that BTC would replace the American dollar from the pedestal.

“A number of prominent people, even Steve Wozniak, has said that he sees a world where Bitcoin is the primary currency. I think that’s absurd. I don’t think that any major economy will allow that to happen. By the way, it doesn’t make sense,” bashed Ripple’s top exec.

Also, the Ripple’s CEO compared XRP to BTC, saying that “this is how liquidity will be managed in the future.” At this point, he drew attention to bitcoin saying that it usually takes more than half an hour to arrange transactions, hinting that XRP has benefits in the face of BTC. Thus, banks will turn to what is better both in terms of price and efficiency.

Bashing On Rage Over The Blockchain

In the conversation with the known analyst, Ripple’s CEO also said a couple of bitter words regarding the blockchain.

“There’s a lot of blockchain craziness, but there are three indicators of market winners. Blockchain will not disrupt banks […] it will play an important role in the way our system works. It’s a short-sighted view […]. Bitcoin is not the panacea we thought it would be,” said he.

As it is known lots of experts and enthusiasts have earlier assumed that the blockchain would revolutionize the financial sphere and even leave millions of bank workers around the world without jobs. The recent developments, achieved by a South African crypto-startup Wala, at some point have started proving this hypothesis. However, that’s not what Garlinghouse believes.

Pointing At Chinese Miners

On top of everything, Garlinghouse emphasized that bitcoin is “owned by China.” In particular, he said that this coin is indeed “controlled” by China:

“There are four miners in China that control over 50% of Bitcoin. How do we know that China won’t intervene? How many countries want to use a Chinese-controlled currency? It’s just not going to happen.”

Finally, he has unveiled that he possesses bitcoin and added that he doesn’t really think about the cyber-assets market but rather about customer experience. By this, he meant that there are still millions of people who cannot benefit from the use of bank services as they are unaffordable for them. So Garlinghouse added this all can be changed with the help of cryptos.

Also, he reiterated the notion brought up by almost all crypto-gurus: do not pile into cyber assets unless you can afford to lose a particular sum.

47-year-old Brad Garlinghouse has been Ripple’s CEO for the past three years. Anteriorly, he worked in the niche of technologies and investment, e.g., dealing with Yahoo!, AOL, Silver Lake, SBC Communications, and so on.