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Ripple CEO Says Bitcoin’s ‘Tribalism’ Is Holding the Crypto Industry Back


Ripple CEO Brad Garlinghouse speaks during the Milken Institute Global Conference in Beverly Hills, California, on October 19, 2021.

Kyle Grillot | Bloomberg | beautiful pictures

The “tribalism” around bitcoin and other cryptocurrencies is holding back the entire $2 trillion market, according to the boss of blockchain company Ripple.

“In my judgment, polarization is not healthy,” Ripple CEO Brad Garlinghouse said during a fireide chat hosted by CNBC at the Blockchain Week Summit in Paris last week.

“I own bitcoinI own ether, I own a number of others. I have absolute confidence that this industry will continue to thrive. “

Garlinghouse added: “All boats can be raised.

Garlinghouse, a former Yahoo executive, compared today’s crypto industry to the dotcom era of the late 1990s and early 2000s.

“Yahoo can be successful and so can eBay… They’re solving different problems,” he said. “There are different use cases and different audiences and different markets. I think a lot of those similarities exist today.”

There are currently tens of thousands of cryptocurrencies in circulation, worth a total of $2 trillion, according to CoinGecko data.

Some cryptocurrencies have gained quite a dedicated following – in particular bitcoin, whose hard-line supporters are often referred to as “maximumists”.

Twitter Co-Founder Jack Dorsey and MicroStrategy CEO Michael Saylor is one of the so-called maximalists who favor only bitcoin and not other cryptocurrencies.

Garlinghouse said such maximalism means the crypto industry has “broken representation” when lobbying US lawmakers.

Last month, President Joe Biden signed an executive order urged the government to examine the risks and benefits of cryptocurrencies.

“The lack of coordination in Washington, DC, among the crypto industry, I find it shocking,” he said.

Ripple is often associated with XRPa cryptocurrency that the company uses for cross-border payments.

The company owns the majority of the 100 billion XRP tokens in circulation, which are periodically released from an escrow account to keep the price stable.

Ripple is in court with the Securities and Exchange Commission over allegations that it illegally sold more than $1 billion in XRP in an unregistered securities offering. The company argues that XRP should be treated as a virtual currency, not a security.



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