Stock Groups

Bitcoin ‘tribalism’ holding the crypto industry back, Ripple CEO says


Brad Garlinghouse is the CEO at Ripple. He spoke during the Milken Institute Global Conference held in Beverly Hills on October 19, 2021.

Getty Images| Bloomberg | Getty Images

According to Ripple’s boss, “Tribalism” around Bitcoin and other cryptocurrency is holding back $2 trillion of market.

Ripple CEO Brad Garlinghouse declared that “polarization isn’t healthy in my judgment” in an interview with CNBC at last week’s Paris Blockchain Week Summit.

“I own” bitcoinI have a house. etherI also own others. “I believe this industry will continue to prosper.”

Garlinghouse said, “All boats are capable of rising.”

Garlinghouse is a former Yahoo executive who compared today’s crypto industry to the dotcom boom of the early 1990s and 2000s.

Yahoooo and eBay could both be very successful. “They’re solving different issues,” he stated. He said, “There are many use cases. There’s also different audience and markets. These parallels still exist, according to me.

According to CoinGecko, there are now thousands upon thousands of cryptocurrencies that are in circulation. These cryptocurrencies have a total value of $2 trillion.

Some digital coins have attracted quite a dedicated following — not least bitcoin, whose hardcore advocates are often referred to as “maximalists.”

Twitter co-founder Jack Dorsey MicroStrategyCEO Michael Saylor and other maximalists support Bitcoin only.

Garlinghouse claimed that this maximalism has led to the “fractured representation” of crypto industry when it comes down to lobbying U.S. lawmakers.

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

He stated that he was shocked by the lack of coordination between Washington, D.C., and crypto-industry workers.

Ripple is frequently linked to XRPA cryptocurrency that the company uses to make cross-border payment.

To maintain stable prices, the majority of 100 billion XRP tokens are owned by the company.

Ripple is in courtThe Securities and Exchange Commission was notified by the company that it had illegally traded more than $1 billion in XRP through an unregistered security offering. The company argued that XRP should only be used as a virtual currency and not as a security.