Sometime during the week, the CEO of Ripple, Brad Garlinghouse was interviewed about crypto’s prospects for the future, which he responded honestly. In addition to that, he was also criticized about Bitcoin Core (BTC) becoming a world currency. Mr. Garlinghouse emphasized that blockchain technology is mostly hype, and it being controlled by Chinese miners means there’s no hope of it becoming a world currency.
Brad Gurlinghouse, at the age of 47 right now has been the CEO of Ripple since 2015. His professional background is mostly linked to technology. Stints with Yahoo!, AOL, working in the investment arena like Silver Lake Partners, @Ventures, @Home Network, SBC Communications, all round out his experience prior to Ripple.
It was during this year’s Stifel Cross Sector Insight Conference which took place in Boston on the 12th June. Ripple being the third most popular cryptocurrency according to market capitalization, most attendees were anticipating to know more about Ripple. Stifel Tech analyst Lee Simpson was the one to interview this year’s guest of honor, none other than the firm’s CEO Brad Gurlinghouse. With Ripple being a popular company now, Mr. Gurlinghouse made good use of this interview to have a bark at its main decentralized rival, BTC.
He noted that; a number of prominent people, even Steve Wozniak, has said that he sees a world where Bitcoin is the primary currency. I think that’s absurd. Mr. Gurlinghouse added; I don’t think that any major economy will allow that to happen. By the way, it doesn’t make sense. Jack Dorsey, however, predicted that this would happen within the decade.
During the interview, he even took on the sacred cow of the corporate world, BTC’s distributed ledger technology. He said; There’s a lot of blockchain craziness, but there are three indicators of market winners. Blockchain will not disrupt banks… it will play an important role in the way our system works. It’s a short-sighted view… Bitcoin is not the panacea we thought it would be. He also went on to compare his XRP to BTC. Mr. Gurlinghouse stated that; This is how liquidity will be managed in the near future. Bitcoin today takes 45 minutes to settle a transaction. Banks will use what is efficient and cheaper. And if you deliver a better product at a better price… hey, we’ll use it.
He also made mention of how BTC is owned by China. He said; The smartest thing you’ve done is not have ‘bit’ or ‘coin’ in your name. 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. 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.