Brad Garlinghouse, Chief Executive Officer of cryptocurrency and payments start-up Ripple, claimed that Bitcoin is really controlled by China, according to financial news outlet TheStreet.com.
He also said that blockchain, the underlying technology behind bitcoin and Ripple, will not disrupt banks, though it will play an important role in the way the system works. It's a short-sighted view, he said.
In a recent interview with Stifel Tech Analyst Lee Simpson, at the 2018 Stifel Cross Sector Insight Conference, Garlinghouse had expressed his thoughts about blockchain and cryptocurrencies.
"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," he said.
According to him, Ripple's XRP is the best digital asset for settlement. He said that Bitcoin currently takes 45 minutes to settle a transaction, whereas XRP could take 4 seconds to settle.
Garlinghouse believes there's a lot of blockchain craziness, but product market fit, customer traction, and regulatory engagement are the three indicators of market winners.
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