In what seems to be a rare moment of very outspoken grandeur, Brad Garlinghouse the CEO of Ripple has spoken out against Bitcoin, stating that the supposed ‘decentralised’ cryptocurrency is actually an asset controlled by the Chinese and that therefore, it can never be a realistic currency with any realistic means of adoption.
This took place at the 2018 Stifel Cross Sector Insight Conference, when Garlinghouse took to the stage to answer questions from Lee Simpson, a Stifel Tech Analyst. According to thestreet.com, 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. 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.”
You can see the full report for yourself, here-
During this session, Garlinghouse also refers to advantages that Ripple XRP has against Bitcoin, referencing the faster transaction speeds available through using XRP, according to thestreet.com, in reference to XRP, Garlinghouse says:
“It’s the best digital asset for settlement. Bitcoin today takes 45 minutes to settle a transaction, whereas XRP could take 4 seconds to settle. Banks will use what is efficient and cheaper. And if you deliver a better product at a better price… they will use it.”
It does feel as if, within this, Garlinghouse has laid out a full-scale assault against Bitcoin, not only insinuating that it could be an asset that is controlled by the Chinese government, but moreover, suggesting that as a product, XRP is far superior and will take over one day. Words to that effect at least.
Overall, this is sure to establish some tensions between Bitcoin fanatics and Ripple fanatics, but then why wouldn’t it… Garlinghouse has made some very bold claims here, on a world stage too. Ultimately, this seems entirely intentional and thus we should conclude that Garlinghouse certainly wanted to be heard here.