Ripple CEO: Blockchain does not destroy banks and China controls Bitcoin

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Brad Garlinghouse, CEO of Ripple, attended the Stifel Cross Sector Insight Conference 2018 to share his thoughts on the long-term impact of Ripple’s technology and the future of crypto currencies.

Ripple CEO: “Blockchain will not destroy banks”
Tech analyst Lee Simpson interviewed Garlinghouse at the 2018 Stifel Cross Sector Insight Conference on the current crypto situation. Garlinghouse responded to misunderstandings in the context of industrial applications and worldwide distribution. He explained that decentralised technology would complement rather than disrupt the current banking systems:

“Blockchain will not destroy the banks… it will play an important role in the functioning of our system. It is a short-sighted view….”

Ripple, as a blockchain-based payment transfer network and settlement system, aims to change the way banks and people transfer money worldwide. Garlinghouse highlighted the long-term goals of the Ripple platform:

“When I think of transformation, it fundamentally changes the way millions participate in banking. “We can fundamentally change the way this works to take an entire population one step higher.”

Garlinghouse: “China controls Bitcoin”

Garlinghouse criticized Bitcoin as the future global currency and made it clear that Ripple aims to outperform Bitcoin through faster transaction speeds and applicability in the banking market:

“Bitcoin needs 45 minutes today to complete a transaction… Some celebrities, even Steve Wozniak, have said that he sees a world where Bitcoin is the major currency. I find that absurd. I don’t think a big economy will allow that. By the way, that doesn’t make any sense.”

Unfortunately, Garlinhouse has not yet addressed future scaling solutions such as the Bitcoin Lightning Network in any way. The Ripple CEO also believes that Bitcoin is centralized. Why he emphasizes this is unclear, but could be connected with the constant accusations that Ripple is of a purely central nature.

“I’ll tell you another story that’s under-reported but worthy of attention.” Bitcoin is truly controlled by China. There are four miners in China that control over 50 percent of bitcoin….. How do we know that China will not intervene? How many countries want to use a currency controlled by China?”

According to blockchain.info, the Chinese chip manufacturer Bitmain and its subsidiaries BTC.com and AntPool control more than 40 percent of the global bitcoin hash performance.