Ripple chairman and former Yahoo executive Brad Garlinghouse made several statements at the Paris Blockchain Week Summit last week. According to the famous CEO, the reason for the stagnation of the cryptocurrency market is the tribalism of Bitcoin.
Investors usually choose just one of the many useful cryptocurrency lists. In this case, tribalism as a phenomenon will constrain the entire $2 trillion cryptocurrency market. The Ripple manager explained:
“I don’t think polarization is a healthy approach. Tribalism pushes the $2 trillion cryptocurrency industry back. I have also invested in Bitcoin, Ethereum and other cryptocurrencies and I hold them. I totally believe in this industry.”
Every cryptocurrency has its own fan base who call themselves “maximalists”, investing only in that cryptocurrency. For example, Jack Dorsey of Twitter and Michael Saylor of Microstrategy have repeatedly called themselves Bitcoin maximalists.
Brad Garlinghous believes that a concerted effort with unity and regulators is needed to ensure the overall development of cryptocurrencies. According to Garlinghouse, this kind of maximalism has a negative impact on the crypto industry when it comes to lobbying US lawmakers.
“Maximalism-style approaches fall short when it comes to agreeing or lobbying US lawmakers. The lack of communication among the cryptocurrency industry in Washington is really shocking to me.”
Therefore, “Tribalism” is an unacceptable factor that negatively affects the entire market, according to the head of Ripple.
Alongside these, Brad Garlinghouse provided feedback on the SEC lawsuit with Ripple. He thinks the case is going great and is progressing much better than he expected when it started.
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.