Featured Image Credit: IEEE
China is the undisputed world leader in Bitcoin mining and U.S. President Donald Trump’s administration is getting concerned. The country currently controls over 70 percent of Bitcoin’s hashing-power. And, the fear is that it may eventually have significant influence over U.S. companies already involved in the industry.
Trump’s Administration Aware of China’s Bitcoin Mining Dominance
According to Ripple’s Chief Strategist, Cory Johnson, the Trump administration is well aware of the risk of having Bitcoin’s mining power monopolized by China. In regard to this, the U.S. government has also apparently looked at XRP’s strengths in the competitive crypto space, according to the exec.
XRP, unlike Bitcoin, does not require mining. Moreover, Ripple (the company) controls about 60 percent of XRP’s cryptocurrency supply. This makes it somewhat less decentralized than other cryptocurrencies.
According to Ripple’s Chief Strategist, Johnson said that his team has been talking to members of the Trump administration, politicians, and regulators alike. They’re helping them better understand the company’s products and contribution to the crypto market.
Ripple’s Position vs Bitcoin
Ripple’s key mission so far has been to integrate its technology into financial platforms to help increase speed and reliability. Just recently, PNC, a top U.S. bank, announced that it would be utilizing Ripple’s RippleNet platform to facilitate cross-border payments.
Over 100 institutions are currently using Ripple’s platform. Some of the more notable names include American Express, Banco Santander, and SBI, a Japanese financial and asset management company.
As for Ripple’s XRP position on the cryptocurrency market, it is still far behind Bitcoin, which has a market capitalization of about $110 billion. Ripple currently holds a market capitalization of about $18 million, behind Ethereum which comes second at just over $20 billion.
