‘Tribalism’ Around BTC Is Bad for the Industry, Says Ripple CEO2 min read
Brad Garlinghouse, CEO of Ripple, believes that maximalism towards BTC and other cryptocurrencies is unhealthy for the industry.
According to him, putting BTC on a pedestal and creating “tribalism” around it could contain the entire nearly $2 trillion cryptocurrency market.
“Polarization is unhealthy in my opinion,” he said.
‘Tribalism’ Around BTC
Garlinghouse cited some examples of people who believe only in the merits of BTC and reject any other cryptocurrencies, such as the head of MicroStrategy, Michael Saylor and Jack Dorsey, co-founder of Twitter.
For Garlinghouse, BTC maximalists end up making BTC a religion.
“Money is something to live for. BTC is something to live for and not a religion,” he stated.
Furthermore, the CEO of Ripple stated that this maximalism is excessive. In this sense, investors should diversify and rely on more digital assets, as “all boats can go up”. On the other hand, he admitted to being a BTC and Ether holder.
“I own BTC, I own Ether, I own a few others. I absolutely believe this industry will continue to thrive,” he stated.
The Ripple CEO, who was once an executive at Yahoo, compared the current digital asset industry to the dot-com era of the late 1990s and early 2000s.
However, despite urging investors to explore more digital assets, Ripple’s boss doesn’t support all of them. One token he believes to be harmful to the cryptocurrency industry is Dogecoin (DOGE).
“I am actually not convinced that Dogecoin is good for the cryptocurrency market. Dogecoin has some inflationary dynamics that would make me reluctant to get this asset,” he declared.
Unlike other digital assets such as BTC, Dogecoin does not have a maximum supply limit. In fact, around 14 million DOGE are mined every day.
Therefore, this has been a catalyst for many experts to estimate that the essence of the token is similar to fiat currencies that are printed in colossal amounts by central banks.
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