Ripple (XRP) Brad Garlinghouse on Bitcoin: China Controls Over 50% of Bitcoin
Brad Garlinghouse – the CEO of the speedy packed crypto known as Ripple was interviewed by Lee Simpson – Stifel Tech Analyst, during the 2018 Stifel Cross Sector Insight Conference.
“There’s a lot of blockchain craziness, but there are three indicators of market winners.” He added:
Product Market Fit
“Blockchain will not disrupt banks…” He continued “it will play an important role in the way our system works. It’s a short-sighted view…”
As explained by the CEO, even that Bitcoin is supported and backed up by blockchain tech, it does not deliver the solutions [fit to be the panacea] everybody anticipated it to do. Which implies that despite that Bitcoin initiated a new and very potential era in technology, there are other cryptos that will be doing the real work.
This is where Ripple’s XRP finds its role.
“This is how liquidity will be managed in the future.” He focused on emerging markets. XRP was described as “the best digital asset for settlement.” He said, “Bitcoin today takes 45 minutes to settle a transaction, while XRP clears it in only 4 sec.” He continued: “Banks will use what is efficient and cheaper. And if you deliver a better product at a better price… they will use it.”
One interesting story that Mr. Garlinghouse mentioned during the event was the there is not Bit or Coin in Ripple’s name:
“About two and a half years ago, one of the biggest banks in Australia was in the office. The CEO of that bank said to Garlinghouse, “The smartest thing you’ve done is not have ‘bit’ or ‘coin’ in your name. I’ll take it!”
Ripple’s CEO on Bitcoin
Brad Garlinghouse continued with his opinion that he finds it absurd that many respected and prominent individuals in the tech-verse see Bitcoin being the leading currency in the world:
“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.”
But, what stood out of all what the Ripple’s CEO told the crowd was an underreported story but very important to know on Bitcoin [BTC] and who controls it:
“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.”