“This is underreported, but worth paying attention to. Bitcoin is really controlled by China…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,” says Garlinghouse, who has been busy of late lashing out at the mother of all cryptocurrencies, while praising his XRP as the messiah of tokens.
“Bitcoin is not the panacea we thought it would be,” Garlinghouse states. XRP is more efficient and is “the best digital asset for settlement” because transation times are as little as four seconds, which will make Ripple more attractive to mainstream banks. Bitcoin’s average transaction time is 45 minutes, he claims.
BTC’s and XRP’s underlying technology, blockchain, “will not disrupt banks, although it will play an important role in the way our system works,” he adds.