Ripple CEO Says Bitcoin is Controlled by China

bitcoin control china

As Bitcoin’s price continues to fall from its all-time high price of $20,000, all of Bitcoin’s naysayers are taking the opportunity to badmouth the current undisputed king of cryptocurrencies.

Ripple CEO Brad Garlinghouse, while being a bitcoin investor himself, has made widely cited negative statements about Bitcoin. It is no surprise, considering Garlinghouse is the CEO of Ripple – a cryptocurrency firm behind the XRP token, which competes against Bitcoin to become a disruptive force in the financial world. XRP, however, is focused primarily on settling cross-border payments for financial institutions such as banks, or even Western Union.

Garlinghouse has yet again taken some shots at Bitcoin, this time while speaking at the 2018 Stifel Cross Sector Insight Conference in Boston, Massachusetts. There, Garlinghouse did not hold back, telling everyone in attendance that Bitcoin is “controlled by China.”

Garlinghouse elaborated:

“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.”

He continued:

“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.”

Earlier in the month at the Money20/20 in Europe, Garlinghouse challenged Twitter and Square CEO Jack Dorsey’s comments about Bitcoin becoming the “global currency” it’s often positioned as – Dorsey’s statements, however, were backed up by Apple co-founder Steve Wozniak.

The Ripple CEO also took the opportunity to promote XRP, the native token of the Ripple protocol, saying that XRP is the “best digital asset for settlement.” Garlinghouse then compared Bitcoin’s “45 minute” settlement time to XRP’s four seconds.

Garlinghouse clarified that he does “own bitcoin,” that many people consider it digital gold, and that he’s “long crypto” as a whole.