It’s that time of year again when Bitcoin and other cryptocurrencies face a bear market, and opponents take a dig. Ripple’s CEO has been putting Bitcoin down for the last few weeks and this time it’s no different.

Brad Garlinghouse, CEO of Ripple was center stage in front of an enthusiastic crowd applauding and cheering him at the Intercontinental Boston.

When asked about blockchain, Garlinghouse replied,

“Blockchain will not Disrupt Banks. It will play an important role in the way our system works. It’s a short-sighted view…”

When a question about Bitcoin was asked, Garlinghouse continued his name calling of Bitcoin.

“Bitcoin is not the panacea we thought it would be..”

The most controversial statement by Garlinghouse was the link of Bitcoin being controlled by the Chinese.

“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. I don’t think that any major economy will allow that to happen. By the way, it doesn’t make sense. 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,” Garlinghouse stated.

These statements were made confidently and seemed pretty severe regarding allegations. Whether he is adding Fear, Uncertainty and Doubt also called FUD in crypto slang is unknown, but it’s a thought worth pondering!

According to statistics, BTC.com, Antpool, F2Pool, and BTC.TOP all are Chinese and have a lot of share of Bitcoin’s total mining power. So his statement does sound about right concerning statistics.

Ripple is adding partnerships every other day, and so you can’t blame the confidence in Garlinghouse.

Recent partnerships include American Express, Santander, MoneyGram and Western Union.

Image Source: “Flickr”