Ripple CEO Claims That “Bitcoin is Controlled by China”

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Brad Garlinghouse is Ripple’s CEO, but as of late he’s become much more than that. We wouldn’t be surprised if you hadn’t heard of Garlinghouse in years gone by, as he is a somewhat anonymous figure. Yet, these days he’s making headlines for his controversial statements. Joining the anti-Bitcoin bandwagon, he’s been on the attack in recent weeks, criticizing Bitcoin in the wake of its recent price fall. His latest comments are sure to spark outrage in the Bitcoin community, as he’s said that “Bitcoin is really controlled by China.”

In China’s Grip

China has strong ties to Bitcoin, in spite of it being illegal in the country. During an interview with Lee Simpson (Stifel Tech Analyst), Garlinghouse wasn’t afraid to accuse the Asian nation of controlling Bitcoin. He said, “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 percent 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.”

The Brilliance of Blockchain

These accusations are gaining extra traction as CCTV – China’s state news network – recently held a discussion on Blockchain and its potential. This discussion is interesting, as it shows that the tide might be turning with regards to the legalities of Blockchain and crypto-based projects in China. Speaking of Blockchain, Garlinghouse feels that it can work side by side within the banking industry. Garlinghouse said, “[Blockchain] will not disrupt banks”, and that those thinking that it will are adopting a “a short-sighted view.”

Bringing a Media Blitz

In an attempt to promote Ripple over Bitcoin, he described XRP as the “the best digital asset for settlement.” Describing Bitcoin as slow, he said that “Bitcoin today takes 45 minutes to settle a transaction,” but Ripple can settle a transaction in four seconds. Comments like this raise questions over the validity of what Garlinghouse has to say, as it does appear that it represents a PR move than anything else. The trigger behind Garlinghouse’s media blitz is likely linked to a recent BitMex report. It states that XRP carries a more centralized structure as a currency than most realize. The report revealed that “Ripple is essentially in complete control of moving the ledger forward, so one could say that the system is centralized.”

From Quiet Man to Outspoken Figure

Garlinghouse has gone from being the quiet man of the crypto sphere to being incredibly outspoken in recent weeks. The main question being asked is why he’s choosing now to make such incendiary statements. What we do know is that Garlinghouse has Bitcoin in his crosshairs, so you can probably expect these comments to continue.