Contrary to the prevalent belief across the XRP community, Ripple CTO David Schwartz has reiterated that he is not a billionaire.
Schwartz re-emphasized this position in a recent post on X when a surprised XRP enthusiast noted the Ripple CTO’s perspective during a live NBA league.
Specifically, Schwartz had commented on the recent Golden State Warriors vs. Utah Jazz match, sharing a photo depicting the event’s record. The camera angle suggested he was at an elevated vantage point.
This prompted questions from an XRP enthusiast who wondered how Schwartz, supposedly a billionaire, did not have courtside seats for a premium viewing experience.
Still Not a Billionaire
Responding to the comment, the Ripple CTO said he is not a billionaire. In the reply, Schwartz quoted his previous remarks on this matter during a 2021 conversation. At the time, he was similarly misattributed a billionaire status.
“I am not a billionaire. At least, not yet,” he remarked. Schwartz humorously added that he still has not acquired his own yacht crew or a mansion without servants. Retweeting this earlier statement, he appended “still,” implying that nothing has changed since then.
Still not.https://t.co/DSaJrjisz4
— David "JoelKatz" Schwartz (@JoelKatz) April 15, 2024
This claim also surfaced during a discussion last year on the “fair tax rate” Americans are to pay based on their wealth status. Industry pundit John Whelan created the poll asking whether it is a fair rate if the rich and middle class pay 20% tax and billionaires get a 40% rate.
In response to these proposals, Schwartz pointed out that he is far from being a billionaire, yet his effective income tax rate for 2021 stood at 41.5%.
Interestingly, despite the repeated public clarification, crypto community members continue to assume that Ripple’s chief technology officer is a billionaire.
This is likely due to the billionaire status of other Ripple executives, such as Ripple chairman Chris Larsen. According to public records, Larsen’s XRP portfolio alone exceeds $1.15 billion.
A Glimpse of Schwartz’s Net Worth
Notably, Schwartz has publicly shared insights into his wealth without providing specific figures. In a 2020 conversation, he revealed that his XRP portfolio ranges between 1 million and 10 million. This suggests a monetary value of not more than $5 million in XRP alone against current rates.
Let's just say more than 1 million and less than 10 million.
— David "JoelKatz" Schwartz (@JoelKatz) November 24, 2020
Furthermore, the Ripple CTO has publicly acknowledged that his crypto portfolio includes Bitcoin, Ethereum, and other undisclosed tokens. Schwartz disclosed holding Ripple shares, noting he picked the company stock over XRP tokens. However, he is uncertain if that was the best decision, as the XRP tokens would have been more liquid. Notably, Ripple is yet to conduct an IPO.
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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