“Bitcoin Is Owned By China” Claims Ripple (XRP) CEO Brad Garlinghouse

Ripple CEO Brad Garlinghouse recently made remarks at Stifel’s Cross Sector Insight Conference. During the interview, Garlinghouse revealed that he believes bitcoin is “owned by China”. Garlinghouse also claims that “blockchain will not disrupt banks.”

The remarks were made during an on-stage interview. The information-packed interview was conducted by Lee Simpson, Stifel Tech Analyst, as reported by TheStreet.

“There’s a lot of blockchain craziness, but there are three indicators of market winners,” explained Garlinghouse. “Blockchain will not disrupt banks. It will play an important role in the way our system works.”

The three indicators of market winners, meanwhile, include:

  • Product market fit
  • Customer traction
  • Regulatory engagement

Garlinghouse added that “it’s a short-sighted view” to believe that blockchain technology will disrupt banks.

In the same interview in front of the crowd at Stifel’s Cross Sector Insight Conference, Garlinghouse claimed bitcoin had a number of issues.

“Bitcoin is not the panacea we thought it would be,” Garlinghouse told the crowd.

Then, he started talking about Ripple’s XRP product, saying, “This is how liquidity will be managed in the future.” Garlinghouse claimed XRP was “the best digital asset for settlement.” While bitcoin “takes 45 minutes to settle a transaction,” Ripple’s XRP completes transactions in 4 seconds or less.

Bitcoin’s lack of a speedy settlement will reduce its overall adoption.

“Banks will use what is efficient and cheaper. And if you deliver a better product at a better price…they will use it.”

Other tidbits from the speech include the importance of not having “bit” or “coin” in Ripple’s name:

“About two and a half years ago, [we had] one of the biggest banks in Australia in the office. The CEO of that bank said, “The smartest thing you’ve done is not have ‘bit’ or ‘coin’ in your name. I’ll take it!”

Garlinghouse Finishes His Interview by Explaining Bitcoin is “Controlled By China”

Garlinghouse was critical of China’s influence on bitcoin. Garlinghouse didn’t specifically have an issue with China, but he had an issue with the fact that one country controls such a significant amount of the bitcoin network.

“Bitcoin is really controlled by China. There are four miners in China that control over 50% of bitcoin,” said Garlinghouse, referring to the enormous power controlled by mining pools like Antpool.

“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.”

Garlinghouse expressed overall concern about the future of bitcoin regardless of the influence of China:

“A number of prominent people, even Steve Wozniak, has said that he sees a world where bitcoin is the primary currency,” Garlinghouse explained to the crowd. “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.”

For the record, Garlinghouse clarified that he does own bitcoin himself.

“I own bitcoin. Many people consider it as digital gold. I acknowledge, I’m long crypto. I’d advise folks to only invest in crypto only what you’re willing to lose. It’s early to tell how it is going to play out. I think it’s a pretty good investing strategy.”

Garlinghouse later cautioned that he’s “not an investing advisor” and that the crowd would be wise to “ignore everything I just said.”

What’s Ripple’s Long-Term Goal?

What is the end-game for Ripple? Where does Garlinghouse see the blockchain-based payment platform in the long term?

“I don’t think about the digital asset market,” explained Garlinghouse in the interview. “I think about the customer experience. There are millions of unbanked or underbanked. When I think about the transformation, it is fundamentally changing the way millions participate in banking. We can fundamentally change the way this works, to bring an entire population up a step in the system.”

Garlinghouse concluded his speech by stating that, “We’re at mile 1 in a 26 mile marathon.” The cryptocurrency industry, in other words, still has a long ways to go – and a lot of potential to fulfill.

You can view the full interview and writeup on Ripple CEO Brad Garlinghouse’s speech at the 2018 Stifel Cross Sector Insight Conference on TheStreet.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

China State-Owned Media Covers Crypto as 2020’s Best Performing Assets Driven by DeFi & Weak Dollar

In an unusual coordinated report on Friday, several Chinese state-owned media covered cryptocurrencies, calling them the best-performing assets of 2020. The country’s top broadcaster, China...

Crypto Custodian, Anchorage, Adds Support for DeFi Tokens: BAL, NXM, AAVE, UNI, and YFI

Anchorage, the Delaware corporation headquartered in San Francisco, California, and digital asset custodian for institutional investors is diversifying its DeFi token options for its...

Coinbase Wallet Targeted by New Trojan Malware Dubbed ‘Alien’

The Coinbase wallet is among 226 Android applications targeted by a recently discovered Trojan dubbed ‘Alien.’ This malware mostly targets the financial services space...

Barstool Sports Dave Portnoy Sold $1.25M Worth of his Bitcoin Stash But He Will Be Back

After buying the top and selling the bottom, Barstool Sports Dave Portnoy appeared on Anthony Pompliano’s podcast on “The Pomp Podcast” to discuss bitcoin...

Over 100 Million Unique Users in the Crypto Ecosystem; University of Cambridge Digital Asset Study

The 3rd Global CryptoAsset Benchmarking Study, an initiative by Cambridge researchers to analyze the developing growth of the industry, has estimated that over 100...

DeFi Protocol Synthetix Upgrading to L2 Scaling to Alleviate Gas Costs for Small SNX Stakers

Popular on-chain synthetic assets protocol, Synthetix is in the first phase of its transition to Optimistic Ethereum, a layer two scalability solution for the...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today