Ripple CEO Brad Garlinghouse was in the news for calling bitcoin inferior and showing utmost confidence in Ripple.
At Recode’s Code Conference, Garlinghouse, referring to cryptocurrency as a “nascent industry,” told reporters that bitcoin is like a napstr of digital assets.
“We may come to find that bitcoin is kind of the Napster of digital assets. This is transformative technology, but Spotify and iTunes and Pandora rule the day because they engaged with regulators to solve a real problem.”
Recently, Garlinghouse was interviewed by Lee Simpson, Stifel Tech Analyst, during the 2018 Stifel Cross Sector Insight Conference. He showed his disappointment for the bigshots worldwide who like Apple Cofounder Steve Wozniak or Twitter CEO Jack Dorsey who are showing their undying support for Bitcoin. Garlinghouse said,
“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 he didn’t stop there. He told firmly that he believes it is China which is controlling the bitcoin. He went on to say,
“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.”
When it comes to financial institutions, Garlinghouse says Ripple is the clear choice. “Bitcoin today takes 45 minutes to settle a transaction,” he said, comparing that to Ripple’s xRapid, which can settle claims in a matter of seconds.
Garlinghouse’s comments on Bitcoin being controlled by China can bring about a series of speculations around the coin.
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