Brad Garlinghouse: China controls Bitcoin

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china controls bitcoin

Brad Garlinghouse, CEO of Ripple, had a controversial statement about the leading cryptocurrency and said that China controls Bitcoin.

Within the framework of the Stifel 2018 Cross Sector Insight Conference, which takes place in Boston, Brad Garlinghouse, the head of the Ripple project, shared interesting details about the Bitcoin coin, in particular, that it is “under the control of China.”

Garlinghouse said that he will tell a story that has been poorly lit so far, but which deserves attention – Bitcoin is in fact under the control of the Celestial Empire. In China, there are 4 mining companies that manage over 50% of BTC coins. After that, Garlinghouse addressed the audience, asking rhetorical questions about China’s interference, as well as the desire of other states to use the cryptocurrency controlled by China.

In addition, the head of Ripple added that the digital currency Bitcoin could not become the panacea that so many expected. This statement is an echo of what Garlinghouse reported earlier this month. Recall that he expressed doubts about the chances of the BTC to become a global currency. At the same time, Steve Wozniak and Jack Dorsey think quite differently.

Garlinghouse also noted that blockchain technologies will not be able to destroy the banking system, although innovation will play a very important role in how this system will function in the future – this, however, is not a far-sighted view.