- Ripple CEO spoke at Paris Blockchain Week Summit., sharing his insights on the crypto market.
- Brad Garlinghouse thinks the tribalism surrounding Bitcoin and other cryptocurrencies is holding back the entire cryptocurrency market.
Brad Garlinghouse, head of Ripple and former Yahoo executive spoke at CNBC-hosted fireside chat at Paris Blockchain Week Summit last week. In his opinion, the reason for the stagnation of the cryptocurrency market is the tribalism of bitcoin.
Investors often become unipolar and give preference to only one of the huge list of useful cryptocurrency instruments. Tribalism as a phenomenon will constrain the entire $2 trillion cryptocurrency market. The Ripple executive explained;
Polarization isn’t healthy in my judgement, 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.
Each cryptocurrency has its own pool of fans who invest only in one cryptocurrency, who call themselves “maximalists. For example, Jack Dorsey of Twitter and Michael Saylor of Microstrategy have repeatedly called themselves Bitcoin maximalists.
Brad Garlinghous believes that for the development of the cryptocurrency market needs unity and a joint struggle with the regulators to ensure that cryptocurrencies in general flourish. Garlinghouse said such maximalism has meant the crypto industry has “fractured representation” when it comes to lobbying U.S. lawmakers.
Thus, according to the head of Ripple, “Tribalism” is an unacceptable factor that negatively affects the whole market.
“The lack of coordination in Washington, D.C., amongst the crypto industry, I find to be shocking,” he said.
Brad Garlinghouse gave feedback on the Ripple trial and the SEC. He thinks the case is going great and the case is progressing positively, much better than he expected at the time the case began and he hopes for a resolution soon.
Also Read: A very big win” for Ripple as Hinman speech comes to the rescue
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