Ripple co-founder Chris Larsen recently wrote an op-ed piece titled ‘The tech cold war is here – and the US isn’t winning’ where he highlighted key points and said that China might pull back on its Bitcoin transactions.
Larsen mentioned that with AI and 5G in the market, it will not overshadow the threat from China for digital currencies and blockchain technology. He, however, pointed out that “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”.
Larsen opines that there is a chance of China taking on the Bitcoin protocol. “It’s not hard to imagine a dystopian future. A U.S. defense payment to an ally could be blocked or reversed”, says Larsen.
Larsen, in his piece, also described that the US regulators should return to Silicon Valley as it is a powerhouse for the regulations in the country.
Furthermore, Larsen did not describe which one, but said that regulators have only blessed two blockchain protocols.