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Bitcoin Is Controlled by China: Ripple CEO Tears Into Bitcoin

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For as long as we’ve known him, Brad Garlinghouse has not been one to mince words when talking about the world’s biggest cryptocurrency. He has continuously branded it as the Napster of cryptos, a pioneering platform whose technology and approach made it impossible to achieve success in the face of new and better technologies such as Spotify and Pandora. In his latest attack, the Ripple CEO claimed that Bitcoin will never become the primary cryptocurrency and that no major economy would allow that to happen. He further claimed that Bitcoin is controlled by China, making it even more unsuitable as a primary crypto for the future.

An Underreported Story

Garlinghouse was speaking at the 2018 Stifel Cross Sector Insight Conference and talked about various issues regarding the crypto industry’s current state and what the future holds. However, what stood out were his strong views on Bitcoin. He was adamant that Bitcoin can’t be the primary global currency, stating that no major economy would allow that to happen.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 PERCENT 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 revealed he owns Bitcoin but was quick to urge the audience not to take his opinions as investment advice. Unsurprisingly, he expressed his confidence in Ripple’s native asset, XRP, which he described as superior to Bitcoin. While Bitcoin can take up to 45 minutes to settle a transaction, XRP transactions are settled in 2-4 seconds.BANKS WILL USE WHAT IS EFFICIENT AND CHEAPER. AND IF YOU DELIVER A BETTER PRODUCT AT A BETTER PRICE… THEY WILL USE IT.

Garlinghouse doesn’t value Ripple and XRP through the usual metric of market price. Rather, the value that Ripple unlocks is what’s most important to him. Ripple is changing the lives of the many unbanked or underbanked people across the world by giving them access to finance.

WHEN I THINK ABOUT THE TRANSFORMATION, IT IS FUNDAMENTALLY CHANGING THE WAY MILLIONS PARTICIPATE IN BANKING. WE CAN FUNDAMENTALLY CHANGE THE WAY THIS WORKS, TO BRING AN ENTIRE POPULATION UP A STEP IN THE SYSTEM.

Ripple has come under scrutiny, with allegations that its XRP currency should be classified as a security. The company’s chief strategist, Cory Johnson, has refuted those claims, as have other senior executives at the San Francisco-based company. This has done little to quell the rumors that the SEC will ultimately categorize it as a security. This would force most of the crypto exchanges that currently list it to delist it or apply for additional licenses.

Bitcoin and Ether, in contrast, have both been deemed to not be securities by the U.S. Securities and Exchange Commission. The SEC chairman was the first to clear Bitcoin before the regulator’s Director of Corporate Finance later came forward to clear Ether. XRP is still not cleared, and the XRP community is eagerly awaiting word from the regulator.

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Bitcoin (BTC) Price Weekly Forecast: Slow And Steady Increase Likely

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  • There was a downside correction from the $10,954 swing high in bitcoin price against the US Dollar.
  • The price is holding the $10,000 support and it could bounce back in the near term.
  • There is a major bullish trend line forming with support near $10,140 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The price could dip in the short term before it starts a fresh increase above $10,500 in the near term.

Bitcoin price is showing positive signs above $10,000 against the US Dollar. BTC could rise steadily as long as there is no close below the $10,000 support area.

Bitcoin Price Weekly Analysis (BTC)

In the last weekly forecast, we saw bitcoin price holding the key $10,000 support area against the US Dollar. The BTC/USD pair climbed higher and traded above the $10,000 resistance area. Moreover, there was a break above the $10,800 level and the 100 simple moving average (4-hours). However, the price failed to continue higher and topped below the $11,000 resistance.

A swing high was formed near $10,954 and recently the price started a fresh decline. It broke the key $10,500 support area and the 100 SMA. Moreover, the price spiked below the $10,000 support area. Finally, a swing low was formed near $9,903 and the price is currently correcting higher. It broke the 23.6% Fib retracement level of the last decline from the $10,954 high to $9,903 low.

However, the upward move is facing hurdles near the $10,400 and $10,500 levels. Additionally, the price is also struggling to climb above the 50% Fib retracement level of the last decline from the $10,954 high to $9,903 low. If there is a break above the $10,450 and $10,500 levels, the price could continue to rise. The next key resistance is near the $10,800 level.

On the downside, there are many supports near the $10,100 and $10,000 levels. Additionally, there is a major bullish trend line forming with support near $10,140 on the 4-hours chart of the BTC/USD pair. If there is a downside break below the trend line and the $10,000 support, the price could resume its decline.

Bitcoin Price Weekly Analysis (BTC) Chart

Looking at the chart, bitcoin price seems to be consolidating in a contracting range below the $10,500 resistance. It might soon break the $10,500 resistance and continue higher. Conversely, a downside break below $10,000 could start a strong decline in the coming sessions.

Technical indicators

4 hours MACD – The MACD for BTC/USD is slowly moving back into the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently stable above the 50 level.

Major Support Level – $10,000

Major Resistance Level – $10,500

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Bitcoin Price Stays Over $10K as Trader Warns Ethereum Chart Is ‘Ugly’

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Bitcoin (BTC) price was consolidating $10,000 support on Aug. 23 after successfully shunning four figures during the day’s trading.

Market visualization

Market visualization. Source: Coin360

Bitcoin delivers firm bounce off $10K

Data from Coin360 show a newly strengthened Bitcoin managing to stay above the $10,000 marker, which it had crossed four times over the course of the week. 

Currently in the upper end of a $300 trading corridor, BTC/USD circled $10,200 at press time, as analysts considered the opportunities ahead for fresh gains and less bearish volatility. 

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: Coin360

“The trend toward stability, an essential ingredient in a median of exchange, is accelerating Bitcoin’s advancement as a digital form of gold,” Bloomberg quoted its own Intelligence analyst, Mike McGlone, as saying on Thursday.

Sentiment had waned earlier after Bitcoin appeared to be heading broadly lower. Analysts voiced concern about support, arguing a further loss could trigger dives to as low as $7,000.

“In the short term, I’m a little bit cautious,” CNBC’s active Bitcoin bug Brian Kelly told the network on Friday. He added that at future lower levels, the buying opportunity for BTC accumulators was unparalleled.

“When people start saying ‘Is Bitcoin dead again?’ — that’s when I get real bullish,” he added.

Altcoins rally but Ether worries loom large

A Bitcoin breakdown was also still on cards for regular commentator Josh Rager, but for the short term, it was top altcoin Ether (ETH) which presented more worries.

Heading a troubled altcoin market, ETH had circled multi-year lows against BTC before rising above 0.019 on Thursday. For Rager, however, the general trend is down, and he advised not to buy under current conditions.

“If BTC breaks down to $8ks, ETH will follow with a break under $150,” he summarized in a fresh update.

“ETH chart is ugly,” he added.

ETH/BTC briefly outperformed BTC/USD in daily progress Friday, rising 3.7% to $192 against the latter’s 2.8% gains. 

Ether 7-day price chart

Ether 7-day price chart. Source: Coin360

Other altcoins in the top twenty meanwhile delivered even stronger performances, such as Bitcoin Cash (BCH) on 5.35% and EOS (EOS) on 6.8% daily gains. 

The overall cryptocurrency market cap also staged a recovery versus Thursday, rising to $266 billion. Bitcoin’s share dipped slightly to 68.4%.

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Crypto Inflation Figures Show Why Bitcoin is King Above Others Like ZEC and XRP

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The high inflation figures for altcoins like ZCash (ZEC) and XRP are providing yet another basis for the “bitcoin is king” argument.


Indiscriminate Dumping Hurting Altcoin Value

Tweeting on Friday (September 13, 2019), economic and crypto analyst, Alex Krüger highlighted the relationship between high inflation figures and poor price performance for certain altcoins.

Krüger’s tweet was based on figures published ViewBase — a platform that provides information on ‘coin’ dumps.

Whether by fixed or fluctuating schedules, altcoins like ZEC and XRP are showing significantly higher inflation figures. ZEC, for example, currently has an annualized inflation rate of more than 35%.

More than 7,000 ZEC tokens are ‘minted’ per day. This figure amounts to about 0.098% dilution of the circulating supply, much higher than cryptos with daily coin additions via mining.

Earlier in the year, Zcsh disclosed an inflation bug that was capable of creating an infinite number of tokens.

On the fixed inflation end of the spectrum, Ripple releases 1 billion XRP every quarter. XRP has an annualized inflation of close to 30%.

As previously reported by Bitcoinist, some XRP proponents have expressed displeasure with the constant dumping of the token by Ripple.

Earlier in the week, the company transferred 100 million XRP (about $26 million) to former CTO Jed McCaleb sparking fears of more sell-offs.

Bitcoin is Separate from the Rest

For bitcoin, the situation is completely different, with the top-ranked cryptocurrency sporting an inflation rate of 3.97%.

After the 2020 halving, this figure will be cut in half taking bitcoin’s inflation even lower than the current Federal Reserve interest rate.

Compared to bitcoin’s lean inflation figures, altcoins like ZEC and XRP seem like penny stocks whose value is constantly declining.

Bitcoin is up more than 170% since the start of the year while ZEC and XRP have moved over 25% in the opposite direction.

Together, XRP and ZEC are among some of the worst-performing cryptos of 2019. Altcoins, in general, have endured a miserable 2019, continuing the pains for bag holders from 2018’s bear market.

Meanwhile, commentators are calling a new all-time high (ATH) for bitcoin before the end of 2019. The emerging consensus is that the price action for the top-ranked crypto has entered another zone of parabolic advance.

Thus, a move for BTC towards its previous ATH would mean a further leg-up that could go as high as $30,000 in 2021.

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