Rallying or tribalism around Bitcoin is holding back the entire $2 trillion crypto market, says Ripple CEO Brad Garlinghouse. He highlighted that polarization isn’t healthy.
Garlinghouse revealed that he owns Bitcoin and Ether, and other cryptocurrencies as well. He described himself as an absolute believer. The Ripple boss believes the crypto industry will continue to thrive.
According to CoinGecko, there are tens of thousands of cryptocurrencies in circulation, worth a combined $2 trillion. A number of digital coins like Solana, Cardano, and Polkadot have a dedicated following, while the world’s number one cryptocurrency Bitcoin has hardcore advocates who are often referred to as maximalists. Garlinghouse says maximalist means the crypto industry has “fractured representation” when it comes to lobbying US lawmakers. He is shocked by the lack of coordination in Washington DC among the crypto industry.
Meanwhile, Garlinghouse has expressed confidence about the Ripple – US’s SEC court battle. SEC alleged that Ripple, Garlinghouse, and executive chairman Chris Larsen were involved in illegal security offering through sales of XRP. Ripple denies the allegation and argues that XRP should be treated as a virtual currency than an investment contract like a stock. The Ripple boss said the lawsuit has gone much better than he could have hoped for when it began 15 months ago.
Ripple, a blockchain-based alternative to SWIFT, was founded in 2012. It sells its software to banks and fintech companies. XRP is the sixth-largest cryptocurrency. It facilitates cross-border transactions. There are around 100 billion XRP tokens in circulation.