Ripple CEO: The “tribalism” around Bitcoin is preventing the whole space from reaching its potential
Ripple CEO Brad Garlinghouse has stated that the “tribalism” around Bitcoin and other cryptocurrencies prevents the whole space from reaching its potential.
CEO of blockchain firm Ripple, Brad Garlinghouse
Ripple CEO: ‘Tribalism’ around Bitcoin is pulling back the crypto industry
Investors should not maximize Bitcoin but diversify with other assets because “all boats can rise.” He trusts that Bitcoin and other digital assets are not suitable for the crypto industry. However, he admits to owning BTC and ETH.
Being an industry start-up and the most prominent digital asset by market capitalization has earned BTC countless individual fans. At the same time, well-known corporations and even one country (El Salvador) accept this property as an official payment method. However, putting bitcoin on a pedestal and creating “tribalism” around it could stifle the entire nearly $2 trillion crypto market. That’s what Ripple CEO Brad Garlinghouse argued in a recent interview.
“Polarization isn’t healthy in my judgment,” he maintained.
Examples of people who believe only in the value of bitcoin and reject any other crypto-asset are the heads of MicroStrategy – Michael Saylor and Jack Dorsey of Block. Sometimes, the former’s stance on BTC reaches religious status. “Money is something to live with. Bitcoin is something to live for,” he stated last month.
Garlinghouse argues that such maximalism is excessive and that investors should diversify and put their faith in more assets because “all boats can go up.” On the other hand, he admits to being a holder of BTC and ETH:
“I own Bitcoin; I own Ether; I own some others. I am an absolute believer that this industry will continue to thrive.”
While encouraging investors to explore more digital assets, Ripple’s boss is not in favor of all of them. One token that he believes is harmful to the crypto industry is Dogecoin (DOGE). A few months ago, when referring to financial turmoil, he stated that the inflationary nature of the memecoin does not classify it as a hedge against inflation. “I’m not convinced, somewhat controversially, I guess, that Dogecoin is good for the crypto market. Dogecoin has some inflationary dynamics itself that would make me reluctant to hold it”, he stated.
Unlike other digital assets like Bitcoin, Dogecoin has no maximum supply limit. About 14 million DOGE are mined every day. This has been a catalyst for many experts to estimate that the token’s nature is similar to that of fiat currencies printed in huge quantities by central banks.
Ripple is often associated with XRP, a company’s cryptocurrency, to facilitate cross-border transactions. It is being sued by the Securities and Exchange Commission on charges that it unlawfully sold more than $1 billion worth of XRP in an unregistered securities offering without the SEC’s approval. According to the company, XRP should be seen as a virtual currency rather than a security.
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