Ripple CEO Brad Garlinghouse said that he does not see in bitcoin a potential global currency because of too high concentration of mining capacities in China.

Bitcoin can not be a panacea for the global financial system, Garlinghouse said at the Insight Conference 2014 Stifel Cross. He admitted that he holds a part of his assets in bitcoins, which many crypto enthusiasts call digital gold. But he does not see in bitcoin the potential to become a global currency.

"A number of prominent people, even Steve Wozniak, has said that he sees a world where bitcoin is the primary currency. I think that's absurd. I don't think that any major economy will allow that to happen. By the way, it doesn't make sense. 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% 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 also made several statements about his vision of the future of the blockchain technology. According to him, blockchain will never lead to bank's death.

"Blockchain will not disrupt banks... It will play an important role in the way our system works."

According to Garlinghouse, his brainchild, Ripple and XRP token, is the best digital asset for settlement. He recalled that in the bitcoin network transactions are slow and it takes up to 45 minutes to make a transaction, meanwhile the XRP network allows to send tokens within 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."