Ripple CEO: Bitcoin Tribalism Holds the Entire Crypto Market Back

Maximalism toward bitcoin and other digital assets, according to Brad Garlinghouse, Chief Executive Officer of Ripple, is not good for the cryptocurrency business. Despite this, he admitted to holding BTC and ETH.

'Tribalism' in the Area Bitcoin is Harmful to the Industry

BTC has amassed a slew of individual fans over the years as an industry pioneer and the largest digital asset by market capitalization, while well-known corporations and even a country (El Salvador) have adopted the currency as an official payment mechanism.

Putting bitcoin on a pedestal and building a "tribalism" around it, on the other hand, might stifle the over $2 trillion cryptocurrency market. In a recent interview, Ripple's CEO, Brad Garlinghouse, argued this point.

“Polarization isn’t healthy in my judgment,” he added.

Michael Saylor, the CEO of MicroStrategy, and Block's Jack Dorsey are two examples of people who exclusively believe in bitcoin's benefits and reject all other crypto assets. The former's position on BTC can often border on religious. "Money is something you have to deal with." Last month, he declared, "Bitcoin is something to live for."

According to Garlinghouse, such maximalism is excessive, and investors should diversify their portfolios and place their faith in a wider range of assets because "all boats can rise." He did, however, admit to being a bitcoin and ether owner:

“I own bitcoin, I own ether, I own some others. I am an absolute believer that this industry is going to continue to thrive.”

The current digital asset sector, according to Ripple's CEO, who was previously an executive at Yahoo, is similar to the dot-com era of the late 1990s and early 2000s.

Garlinghouse Is a Dogecoin Opponent

Despite encouraging investors to look into other digital assets, Ripple's CEO isn't on board with all of them. Dogecoin is one of the tokens he believes is destructive to the crypto sector (DOGE).