Ripple CEO: Bitcoin is controlled by China and it is absurd to think that it could be the main currency of the world
Brad Garlinghouse, CEO of Ripple, answered with sincerity the questions that were asked to him during an interview on the perspectives of the cryptography for the future. Among other criticisms, he stressed that the blockchain technology is mostly overvalued, and that the Bitcoin core (BTC) is controlled by Chinese miners and has no hope to function as a global currency.
It is likely that people who attended the Stifel Cross Sector Insight 2018 conference in Boston will expect to know more about Ripple, the third largest cryptocurrency in the world in terms of market capitalization. In the end, company CEO Brad Garlinghouse was the guest of honor for an interview with Stifel Tech's market analyst, Lee Simpson.
And even though Ripple was the scoop, Mr. Garlinghouse also took the opportunity to criticize Bitcoin Core (BTC) for its direct competition.
Mr. Garlinghouse explained that :
"Even Steve Wozniak has said he sees a world where Bitcoin is the main currency. I think that's absurd. I do not think any major economy allows that to happen. It just does not make sense "
In fact, both Woz and Jack Dorsey predicted that this would happen after 10 years.
Brad Garlinghouse, 47, has been working as CEO of Ripple since 2015. His professional training is practically related to technology. He completed his experience before arriving at his current position through Stints with Yahoo! And through AOL, a firm works in the investment field with partners such as Silver Lake Partners, @Ventures, @Home Network and SBC Communications.
news.Bitcoin.com notes that "their views on BTC and its eventual influence have found it highly cited recently, especially during the last month. He has spent a great deal of time trying to separate the appearance of the Ripple coin (XRP) from the company itself, and this has led to an interesting juxtaposition in his argumentation method. "
During the interview in Boston, he faced the sacred cow of the corporate world, BTC's distributed accounting technology. "There is a lot of blockchain madness, but there are three indicators of victory in the market. The block chain will not affect banks because it will play a more important role in the way our system works. It's a blurry idea, Bitcoin is not the panacea we thought it would be. "
Mr. Garlinghouse then compared XRP with BTC. "This is how liquidity will be managed in the future. Bitcoin today takes around 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. "
Later, the CEO of Ripple talks about a story that is little talked about, and that is how BTC is "owned by China".
He pointed out :
"The smartest thing he's done is not having 'bit' or 'coin' in his name. I'll tell you another story that is not known, but it's worth paying attention to. Bitcoin is really controlled by China. There are four miners in China who control more than 50% of the cryptoactive. How do we know that China will not intervene? How many countries want to use a currency controlled by China? It just is not going to happen. "
Finally, he assured :
"I own Bitcoin. Many people consider it as digital gold. I admit, I'm fully in crypto. I advise people to only invest what they are willing to lose. It is early to tell how the story will unfold. I think it's a pretty good investment strategy. I do not think about the digital asset market. I think about the customer experience. There are millions of people without bank or bank accounts "
When I think about transformation, the way millions participate in banking is fundamentally changing. We can fundamentally change the way this works, to bring an entire population to take a step forward in the system.
The reality is that, while Bitcoin and other cryptocurrencies are not used as payment methods, it will be difficult to maintain them over time. In part, this has to do with what Mr. Garlinghouse says, because if no large economy wants to use a currency controlled by China, then it will be very difficult for the first crypto-active to be used for what it is, an alternative to pay goods and services
Source: news.Bitcoin.com