The former CEO of Ripple Chris Larsen has said in a recent op-ed article released by The Hill that China may seize control over the leading digital currency Bitcoin (BTC) as it has sufficient power in hand to do that. According to Ripple’s former CEO, a lot of energy is being subsidized by the Chinese government as it wants to take tight control over the largest blockchain in the world Bitcoin.
China can reverse Bitcoin transactions effectively
In the article entitled ‘The tech cold war is here – and the US isn’t winning”, Chris Larsen said that the Chinese government has a lot of power that is required to have control over Bitcoin. Adding more to it, he said that China can then easily and effectively reverse or block transactions of Bitcoin. He said:
“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.”
Also read:Can China attack Bitcoin?
Currently, the Sichuan province of China is holding the hash rate of 54% out of the total hash rate in the world. There are some concerns arising that China is capable of performing a 51% attack on Bitcoin.
U.S. academics’ 2018 research paper showed that China can have a great influence over the Bitcoin blockchain and can impose a threat to the world’s largest cryptocurrency. The paper outlined that China has a lot of motives for causing an attack on the blockchain:
“As the value and economic utility of Bitcoin have grown, so has the incentive to attack it. We singled out China for analysis because they are the most powerful potential adversary to Bitcoin, and we found that they have a variety of salient motives for attacking the system and a number of mature capabilities, both regulatory and technical, to carry out those attacks.”
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