Ripple CEO: Bitcoin Is Not the Panacea We Thought It Would be

TheStreet’s Live at the 2018 Stifel Cross Sector Insight Conference.

Ripple’s CEO Brad Garlinghouse took center stage in front of a packed house at the InterContinental Boston. He was interviewed by Lee Simpson, Stifel Tech Analyst.

Here’s what Garlinghouse had to say:

Blockchain Will Not Disrupt Banks

“There’s a lot of blockchain craziness, but there are three indicators of market winners.

  • Product Market Fit
  • Customer Traction
  • Regulatory Engagement”

He added “Blockchain will not disrupt banks… they 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

Garlinghouse told the crowd: “Bitcoin is not the panacea we thought it would be..”

He told the crowd about Ripple’s XRP product.  He said, “This is how liquidity will be managed in the future.” He focused on emerging markets.

XRP was described as the best digital asset for settlement.  He said, “Bitcoin today takes 45 minutes to settle a transaction.”  Whereas XRP could take 4 seconds to settle that transaction, claims Garlinghouse.

“Banks will use what is efficient and cheaper.  And if you deliver a better product at a better price… they will use it.”  

No ‘Bit”, No “Coin” in Ripple’s Name

Garlinghouse told the crowd a personal story. He said, “About 2 1/2 years ago one of the biggest banks in Australia came to visit us in the office. The CEO told Garlinghouse ” the smartest thing you’ve done is not have “bit” or coin in your name. I’ll take it!”

Garlinghouse: “Bitcoin Is Controlled by China”

The Ripple CEO told the crowd “A number of prominent people, even Steve Wozniak has said that he sees a world where Bitcoin as 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.”

He continued by saying “I’ll tell you another story that is under reported, but worth paying attention.  Bitcoin is really controlled by China. There are 4 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.”

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