The Executive Chair of Ripple network recently wrote an opinion editorial on the American news website ‘The Hill’, based in Washington D.C. The aforementioned Opinion Editorial was dubbed “The tech cold war is here – and the US isn’t winning”.
In the aforementioned article, the Executive Chair of Ripple mentions that a focus on 5G and Artificial Intelligence technologies should not outdo the possible danger from China surrounding crypto and blockchain. According to him, the Chinese government has supported massive sums of energy required to help digital asset (Bitcoin) miners.
Larsen further writes, “…at least 65 percent of cryptocurrency mining is concentrated in China, which means the Chinese government has the majority needed to wield control over those protocols and can effectively block or reverse transactions”.
In the opinion editorial, Ripple co-founder argues with policymakers the possible threat of China taking over the Bitcoin blockchain network.
He further mentions:
“It’s not hard to imagine a dystopian future. A U.S. defense payment to an ally could be blocked or reversed.”
What do you think about the aforementioned article surrounding Bitcoin and China by the Ripple (XRP) Chief? Let us know in the comments below!