Ripple Head: Bitcoin is Controlled by China

June 18, 2018

During his speech at the 2018 Stifel Cross Sector Insight Conference held in Boston CEO Ripple Brad Garlinghouse shared his view regarding the further development of crypto industry.

Garlinghouse gave an interview to the Stifel Tech’s analyst Lee Simpson in which he responded to the questions and blamed again Bitcoin for its imperfection:

“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.”

Ripple’s CEO also spoke on blockchain and called it overestimated. He continued the idea and compared XRP and BTC:

“This is how liquidity will be managed in the future. Bitcoin today takes 45 minutes to settle a transaction. Banks will use what is efficient and cheaper. And if you deliver a better product at a better price […] they will use it.”

In addition, Garlinghouse  expressed his confidence that Bitcoin is half dependent on China’s miners:

“Bitcoin is really 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 the head of Ripple gave a piece of advice to new crypto traders:

“I acknowledge, I’m long [on] crypto. I’d advise folks to only invest in crypto only what you’re willing to lose”.

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