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April 21, 2022

Is Bitcoin maximalism causing crypto to fall behind?

In a recent interview with CNBC, Ripple CEO Brad Garlinghouse stated that tribalism surrounding Bitcoin (BTC) and other cryptocurrencies is impeding the growth of the entire crypto industry.

Tribalism, according to Garlinghouse, is unhealthy, and he believes that holding one digital asset will not impede the growth of another, and that all can grow. The Ripple CEO then compared today’s crypto industry to the dotcom era of the late 1990s and early 2000s.

“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. Yahoo could be successful and so could eBay … They’re solving different problems. There’s different use cases and different audiences and different markets. I think a lot of those parallels exist today,” Garlinghouse said.

He also stated that Bitcoin maximalists have resulted in “fractured representation” when it comes to lobbying US legislators.

Garlinghouse believes that maximalists will only speak out about Bitcoin, which they own, and not about other crypto assets. He went on to say that the lack of cooperation in Washington, D.C. and in the crypto space is shocking.

To be clear, a Bitcoin maximalist is someone who believes Bitcoin is the only crypto asset worth holding and regards other crypto assets as inferior.

Block CEO Jack Dorsey and Microstrategy CEO Michael Saylor are two well-known investors who are only bullish on Bitcoin.

Meanwhile, Ripple and Garlinghouse have been involved in a legal battle with the United States. Since 2020, the Securities and Exchange Commission (SEC) has been investigating XRP-related unregistered securities sales.

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Ripple refuted the claims, claiming that XRP, like Bitcoin and Ethereum, is a cryptocurrency. Despite the fact that the lawsuit has been ongoing for more than 15 months, Garlinghouse recently revealed that the case is progressing well and is nearing completion.