Ripple’s CEO claims that he is the founder of Bitcoin and many other crypto currencies. He believes that only encouraging Bitcoin growth will prevent it from growing. If nothing is done soon, miners could lose millions of dollars in the crypto sector.
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.
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“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.
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
Garlinghouse declined to name investors who had devoted all their capital exclusively for bitcoin when Garlinghouse was asked. However, cryptocurrency professionals tend to be focused on one coin.
He stated:
The entire market of $2 trillion is being held back by tribalism surrounding bitcoin and other cryptocurrency.
Jack Dorsey is the founder and former CEO of Square Inc. He’s one of the most well-known examples of Bitcoin tribalism. He publicly supports Bitcoin at least three times. He has also supported research into Bitcoin’s development to increase its accessibility in society.
Dorsey declared earlier in the year that he is now a Bitcoin maximumist. As a result, he doesn’t plan on adopting any other cryptocurrency soon, including Ethereum.
Michael Saylor (CEO of MicroStrategy) is another example. A large percentage of the company’s reserve money has been converted to Bitcoin.
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With its total holdings of over 129,000 Bitcoins, the company is an important player on crypto markets.
Garlinhouse explained that maximalism has made it difficult 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.
Garlinghouse was added
It is shocking to me that there has been no coordination between Washington, D.C., and the crypto industry.
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