Ripple CEO thinks China has the potential to take full control of Bitcoin.
In a virtual chat at this year's DC Fintech Week conference, Ripple CEO Brad Garlinghouse made the remarks about Chinese President Xi Jinping. According to the CEO, if the Chinese president loses too much money due to the leading cryptocurrency, he may consider reorganizing the Bitcoin (BTC) blockchain.
China's Strategic Bitcoin Plan
"What happens if President Xi loses a million dollars in Bitcoin?"he asked his question. In his response to his own question, Garlinghouse said China had the opportunity to change its Bitcoin Blockchain and the president had the power to reverse its losses in Bitcoin.
In fact, when we look at the statements, we see that similar rhetoric was made by former Ripple CEO Chris Larsen. Larsen expressed a similar view in China and miners private.
During his remarks about China, as well as his Garlinghouse speech, he once again complained about the attitude of regulators in America about Bitcoin and cryptocurrencies. The CEO later expressed that China is acting “incredibly” strategically when it comes to crypto and blockchain.
Ripple's CEO, on the other hand, also touched on mining, as did Larsen, saying, “Bitcoin mining is controlled by 65 to 75 percent of Chinese miners, and it's hard not to argue that the Chinese Communist Party has no opportunity to control it., ” he said.
He also spoke of the negative environmental impact of proof-of-work-based cryptocurrencies such as Garlinghouse, Bitcoin and Ethereum. The CEO expressed satisfaction that Ripple had appeared in America as an advantage to these technologies.
Are CBDCs A Threat?
In addition, Garlinghouse stated that central bank digital currencies (CBDC) do not pose any risk to Ripple or XRP. Also, according to Garlinghouse, CBDCs do not literally solve the problems brought about by the current financial system.
As well as Garlinghouse's statements, XRP is also on the agenda with major transfers it has made recently.