The CEO of Ripple, Brad Garlinghouse, has recently been on a Bitcoin-bashing tour where he used the recent volatility of the leading cryptocurrency as an opportunity to throw some rocks at the flagship cryptocurrency.
The latest jab was seen this week in Boston, where Brad Garlinghouse was speaking at the 2018 Stifel Cross Sector Insight Conference. At the event, Garlinghouse told a packed hall that Bitcoin is “controlled by China”.
As he said at the event, reported by the financial publication TheStreet:
“I’ll tell you another story that is underreported, but worth paying attention to. 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.”
Brad also added that Bitcoin is “not the panacea we all thought it would be”. With this, he echoed something that he said a month ago – that Bitcoin is unlikely to become a global currency that some (including Jack Dorsey and Steve Wozniak) hope it will be.
Garlinghouse also struck down the idea that blockchain technology needs more development in order to disrupt banks. As he said:
“Blockchain will not disrupt banks,” he said, though “it will play an important role in the way our system works. It’s a short-sighted view.”
The company that Brad is running is the primary backer of XRP and has recently partnered with several financial services businesses like Western Union and MoneyGram to pilot the use of XRP in their payment flows.
Ripple currently ranks as the third largest cryptocurrency by market cap ($21.2 billion) where the majority of tokens are controlled by Ripple.
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