Cryptocurrencies have taken centre stage in recent times so much that people now do not even bother about where they even came from again. No body even cares about who Satoshi Nakamoto is anymore after his unusual departure and silence in the crypto square (it’s not like he really showed his identity all the time he spoke on crypto issues). There was a time when Satoshi, the creator of Bitcoin and pioneer of cryptocurrencies was a seen as the owner of Bitcoin. But lately another question has been raised after his absence, and that is “who owns Bitcoin now?”.
CEO of Ripple altcoin and banking service blockchain software provider, Brad Garlinghouse has shared his thoughts on who he thinks may be controlling Bitcoin currently. This was during an interview session with and analyst from Stifel Tech, Lee Simpson.
“I’ll tell you another story that is underreported,” he said during the interview, “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.”
In a bit to create a more humourous atmosphere he joked that it was he, Brad, who owned Bitcoin an further advised ok how to invest in cryptocurrencies. It wasn’t really different from what we have come to know over the years.
“I own bitcoin. Many people consider it as digital gold. I acknowledge, I’m long crypto. I’d advise folks to only invest in crypto only what you’re willing to lose. It’s early to tell how it is going to play out. I think it’s a pretty good investing strategy. I’m not an investing advisor – ignore everything I just said!”
He further went on to explain that blockchain was not around to get banks out of business as most people think. He stated that blockchain had a huge role to play in facilitating the present system of banking and improving how it works, claiming that people who believed blockchain will disrupt banking were being myopic.
He also used the opportunity to market his Ripple Labs developed Ripple XRP. He made a comparison between the XRP and BTC saying that the BTC is a much slower transaction medium. He claimed that bitcoin despite it being a starter for something much bigger, it is in itself not the mega solution everybody thought it would be. Comparatively, whereas Bitcoin took 45 minutes per transaction, Ripple only used 4 seconds according to Garlinghouse. This he claimed would make the banks favour Ripple over Bitcoin in terms of adoption, stating that
“Banks will use what is efficient and cheaper. And if you deliver a better product at a better price… they will use it.”
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