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Cryptocurrency wars: the head of Ripple said that China controls bitcoin

For this reason, it can not become a global currency.

13.Jun.18 10:57 PM
By Mark Gainer


Cryptocurrency wars: the head of Ripple said that China controls bitcoin
Ripple CEO Brad Garlinghouse said he does not consider bitcoin a potential global currency, because more than half of its production capacity is concentrated in China. The online edition of Coinfox writes this.

Garlinghouse admitted that he holds part of his assets in bitcoins, but does not believe that this coin, which many consider being "digital gold," can be a salvation for the global financial system. "In China, four mining companies control more than 50 percent of the bitcoin network. How do we know that China will not interfere, and how many countries will want to use the currency that it controls? This will not happen, "the head of Ripple is sure.

On the same Ripplecryptocurrency and XRP token Garlinghouse considers the world's best virtual assets. For example, he recalled that in a network of bitcoins, a transaction could take up to 45 minutes, whereas in an XRP network it takes only 4 seconds.

Garlinghouse also presented his vision of the prospects of the blockchain. According to him, now the technology is trying to introduce literally into all spheres of activity, but it should be used mainly where it is necessary to regulate the interaction of several participants in the transaction. The head of Ripple is also confident that the blockchain will not replace banks, but will play an essential role in increasing efficiency and by reducing the costs of the global financial system.

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