As one of the most influential people in the crypto space, the CEO of Ripple says he owns Bitcoin and other cryptocurrencies. But for him, only the promotion of Bitcoin will stop the growth of the industry. As a result, the crypto industry is likely to lose millions to miners with fewer incentives than before if nothing changes soon.
In the CNBC Brad Garlinghouse, CEO and founder of Ripple, recently said that tribalism around Bitcoin and other digital currencies has stymied the growth of the industry.
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“It is not good that people in the crypto space are divided into tribes,” Garlinghouse said in a conversation hosted by CNBC last week at the Blockchain Week Summit in Paris, in an interview published today on CNBC.
When asked about his thoughts on XRP, Garlinghouse shared that he is already an investor in other notable cryptocurrencies such as Bitcoin and Ethereum – despite being tasked by the Securities and Exchange Commission (SEC) to play an instrumental role in the $1.3 billion sales of unregistered securities offerings.
Garlinghouse said, “I own Bitcoin, I own Ether, and I own some others. I am a firm believer that this industry will continue to thrive.”
“All boats can go up,” Garlinghouse says. “With the adoption of other digital currencies, we see this as an opportunity for growth and adoption outside of XRP.”
Ripple CEO on industry growth
When asked about investors who allocate their money exclusively to bitcoin, Garlinghouse didn’t mention any names. With that said, people in the cryptocurrency industry focus on just one currency.
Tribalism around Bitcoin and other cryptocurrencies is holding up the entire $2 trillion market.
One notable example of the Bitcoin tribe is Jack Dorsey, the former CEO of Twitter and founder of Square Inc. and has publicly declared support for Bitcoin on several occasions. In addition, he has recently sponsored research to promote its development as an asset class to make it more accessible to society.
Earlier this year, Dorsey said he is a staunch Bitcoin fan. As a result, he does not plan to adopt any other cryptocurrency soon, including Ethereum.
Another example of a Bitcoin tribe is Michael Saylor, CEO of MicroStrategy. He transferred a large percentage of the company’s reserve cash into Bitcoin.
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The company is a major player in the crypto market, with a total holding of more than 129,000 bitcoins.
The problem with this cap, Garlinhouse said, is that it has frustrated lobbying efforts on US lawmakers. Most of the actors will mainly raise the cryptocurrency they own instead of caring about what is best for everyone.
The lack of coordination in Washington, D.C. among the cryptocurrency industry, I find appalling.
Featured image from Pixabay, chart from Tradingview.com