Categories: Bitcoin

Bitcoin Is Controlled by China, Won’t Disrupt Banks: Ripple CEO

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It is likely to be an overstatement to say that Brad Garlinghouse has been on a bitcoin-bashing tour — he’s, in any case, a bitcoin investor himself — but it surely’s simple that the Ripple CEO has used the current market downturn as a possibility to throw shade on the flagship cryptocurrency.

The newest jab got here this week in Boston, the place — talking on the 2018 Stifel Cross Sector Insight Conference — Garlinghouse advised a packed home that bitcoin is “controlled by China.”

“I’ll let you know one other story that’s underreported, however value listening to. Bitcoin is de facto managed by China. There are 4 miners in China that management over 50% of Bitcoin,” he stated, in keeping with monetary publication TheRoad. “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.”

Bitcoin shouldn’t be the panacea we thought it could be,” he added, echoing his comment from earlier this month that bitcoin is unlikely to develop into the worldwide foreign money that many — together with Jack Dorsey and Steve Wozniak — hope that it is going to be.

Elsewhere in his feedback this week, Garlinghouse struck down the concept blockchain expertise in and of itself is sufficient to disrupt banks and render them out of date.

“Blockchain will not disrupt banks,” he stated, although “it will play an important role in the way our system works. It’s a short-sighted view.”

That latter comment isn’t a surprise, on condition that San Francisco-based Ripple’s enterprise mannequin is constructed totally on utilizing distributed ledger expertise (DLT) to assist monetary establishments to make cross-border transactions extra effectively.

The firm is the first backer of XRP — typically colloquially known as Ripple, given the shut affiliation between the asset and the agency — and it has partnered with a number of high-profile monetary companies companies reminiscent of Western Union and MoneyGram to pilot using XRP of their fee flows.

At current, XRP ranks because the world’s third-largest cryptocurrency with a circulating market cap of $21.2 billion. The majority of XRP tokens — issued or not — are managed by Ripple.

Featured picture from Flickr/Christopher Michel

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