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Ripple CEO says Bitcoin is controlled by China

The outspoken CEO who is synonymous with outrageous comments especially when discussing the top crypto coin is back at it again. A few days after claiming that BTC has real value, he may have made his most sensationalist statement ever by claiming Bitcoin is controlled by China before insinuating that no nation would be willing accept a Chinese controlled currency.

Brad Garlinghouse, the Ripple CEO was speaking during an interview at the 2018 Stifel Cross Insight Conference that was held in Boston. These comments came as a shock to many attendees who were probably hoping to hear more about the third largest crypto coin by market cap.

If we have learned anything with Garlinghouse over the years, is you can always count on him to throw a few jabs at XRPs main decentralized rival. During the interview with Lee Thompson, the CEO saw it fit to discuss why Bitcoin wasn’t fit to be the dominant currency of 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.”

It’s not only Wozniak who thinks this but also Jack Dorsey the CEO of Twitter and Square also shares the same sentiment. Dorsey actually foresees this happening within a decade.

He goes on to comment about the blockchain and the influence he believes its set to have even though he is quick to point out that there is a lot of hype surrounding the distributed ledger technology and he doesn’t see it disrupting the banking world.

He goes on to compare XRP to BTC saying:

“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.”

He also talks of an underreported story which is Bitcoin is controlled by China.

“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.”

Whether Bitcoin is controlled by China or not, what is clear is that Mr. Garlinghouse will stop at nothing when it comes to bashing the top crypto coin.

Is Bitcoin really controlled by China? Share your thoughts in the comment section below.


Basil is a Bitcoin and blockchain evangelist with several years of writing in tech and finance related industries. Having several years of experience with leading cryptocurrency and tech related sites in past, he believes strongly in the revolutionary power of the blockchain technology.

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