Ripple CEO Brad Garlinghouse owns Bitcoin, Ethereum & Other Cryptocurrencies.
Brad Garlinghouse, Ripple’s CEO and founder, disclosed in a recent CNBC event that tribalism around the world’s largest cryptocurrency Bitcoin (BTC), and other digital currencies has hampered the growth of the nascent industry.
Speaking at a CNBC-hosted fireside chat at the Paris Blockchain Week Summit last week, as published by the CNBC today, Garlinghouse noted that the practice of tribalism in the cryptocurrency space is not healthy in his judgment.
He said, “Polarization isn’t healthy in my judgment.”
According to Garlinghouse, who was also charged by the SEC for his role in the $1.3 billion sales of an unregistered securities offering, being the CEO of Ripple (XRP) did not stop him from adopting other notable digital currencies.
“I own bitcoin, I own ether, I own some others. I am an absolute believer that this industry is going to continue to thrive,” Garlinghouse said.
Garlinghouse believes that adopting other digital currencies outside XRP will not stop Ripple’s native cryptocurrency from soaring because “all boats can rise,” he added.
Bitcoin Tribalism Frustrating Industry Growth
While Garlinghouse did not mention the names of investors who have dedicated their funds exclusively to a particular cryptocurrency (Bitcoin), there are some investors who have only advocated for Bitcoin.
“Tribalism around bitcoin and other cryptocurrencies is holding back the entire $2 trillion market.” Ripple CEO said.
For instance, Jack Dorsey, the former Twitter CEO and founder of Square Inc. has publicly declared support for Bitcoin on several occasions and sponsored research to foster the development of the top asset class.
Dorsey noted earlier this year that he is a Bitcoin maximalist and is not considering adopting any other cryptocurrency, including Ethereum, in the near future.
Similarly, Michael Saylor, the CEO, and founder of leading business intelligence company MicroStrategy has led the company to convert a huge percentage of its cash reserve to Bitcoin.
The company has consistently bought Bitcoin and has added over 129,000 units of the world’s largest cryptocurrency.
Commenting on this maximalism, Garlinhouse disclosed that the practice has frustrated efforts to lobby U.S. lawmakers, as most representatives would mainly agitate for the cryptocurrency they have in their holdings.
“The lack of coordination in Washington, D.C., amongst the crypto industry, I find it to be shocking,” Garlinghouse added.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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