No products in the cart.
The CEO Of Ripple Says Bitcoin Tribalism Is Holding Back The Crypto Industry
As one of the most influential people in the crypto space, the CEO of Ripple says he owns Bitcoin and other cryptocurrencies.
But to him, only promoting Bitcoin will stop industry growth. As a result, the crypto industry could potentially lose millions for miners with less incentive than before if nothing changes soon.
At the CNBC event, Brad Garlinghouse, CEO and founder of Ripple, recently said that the tribalism around Bitcoin and other digital currencies has been holding back the industry’s growth.
Related Reading | Could Netflix Tumble Down The Crypto Market?
“It is not good when people in the cryptocurrency space are divided into tribes,” said Garlinghouse at a CNBC-hosted fireside chat last week at the Paris Blockchain Week Summit, in an interview that was published today on CNBC.
When asked about his thoughts on XRP, Garlinghouse shared that he is indeed invested in other notable digital currencies such as Bitcoin and Ethereum — despite being charged by the SEC for playing an integral role in the $1.3 billion sales of unregistered securities offerings.
After dumping below $39,000 on Monday, bitcoin is slowly recovering | Source: BTC/USD chart from Tradingview.com
Garlinghouse said, “I own bitcoin, I own Ether, I own some others. I am an absolute believer that this industry is going to continue to thrive.”
“All boats can rise,” says Garlinghouse. “Adopting other digital currencies, we see this as an opportunity for growth and adoption outside of XRP.”
Ripple CEO On Industry Growth
When asked about investors who have devoted their funds exclusively to bitcoin, Garlinghouse did not mention any names. Still, people in the cryptocurrency industry focus on just one coin.
Tribalism around bitcoin and other cryptocurrencies is holding back the entire $2 trillion market.
One most prominent example of Bitcoin tribalism is Jack Dorsey, the former Twitter CEO and founder of Square Inc. He has publicly declared support for Bitcoin on several occasions. In addition, he recently sponsored research to foster its development as an asset class to make it more accessible in society.
Earlier this year, Dorsey said that he is a Bitcoin maximalist. As a result, he doesn’t plan on adopting any other cryptocurrency soon, including Ethereum.
Another example of a Bitcoin tribalist is Michael Saylor, the CEO of MicroStrategy. He has converted a vast percentage of company reserve cash into Bitcoin.
Related Reading | Bitcoin Bounces Back Past $40,000, But May Struggle To Maintain Position
The company is a major player in the crypto market, with its holdings totaling over 129,000 Bitcoins.
Garlinhouse said the problem with this maximalism is that it has frustrated efforts to lobby U.S. lawmakers. Most representatives would mainly agitate for the cryptocurrency they own rather than taking an interest in what’s best for everyone else.
The lack of coordination in Washington, D.C., amongst the crypto industry, I find it to be shocking.
Featured image from Pixabay, chart from Tradingview.com
- May 2022 (220)
- April 2022 (367)
- March 2022 (505)
- February 2022 (455)
- January 2022 (435)
- December 2021 (428)
- November 2021 (367)
- October 2021 (359)
- September 2021 (357)
- August 2021 (126)
- July 2021 (21)
- June 2021 (19)
- May 2021 (4)
- April 2021 (6)
- March 2021 (23)
- February 2021 (23)
- January 2021 (27)
- August 2020 (1)
- July 2020 (7)
- June 2020 (1)
- April 2020 (2)
- TA: Bitcoin Trims Gains, Why BTC Could Start Fresh Decline
- Bitcoin Stable Near $30,000 But The Bearish Leg Is Far From Over
- ATOM Might Trade Below Its Immediate Support Level Despite A Recent Rally
- Funding Rates Fall To Yearly Lows Following Bitcoin’s Fall Below $29,000
- Blockchain Data Indicates $10M Worth Of Ether From The Ronin Exploit In Rotation