Bitcoin stays the primary cryptocurrency by market cap and accounts for greater than 40% of the full crypto market cap.
Ripple CEO Brad Garlinghouse recently told CNBC that tribalism round Bitcoin and different cryptocurrencies is at the moment holding the cryptocurrency again.
The cryptocurrency market is value roughly $2 trillion, however Garlinghouse mentioned it has room for development. Garlinghouse mentioned;
“Polarization isn’t wholesome in my judgement. I personal bitcoin, I personal ether, and I personal some others. I’m an absolute believer that this business goes to proceed to thrive.”
Based on Garlinghouse, the most important cryptocurrencies can all develop with out anybody affecting the expansion of the opposite. He in contrast the present cryptocurrency market to the dot-com period of the late Nineteen Nineties and early 2000s. He mentioned;
“Yahoo may very well be profitable, and so might eBay. They’re fixing totally different issues. There’s totally different use circumstances and totally different audiences, and totally different markets. I believe numerous these parallels exist immediately.”
Regardless of the expansion recorded by the business, some cryptocurrencies have attracted fairly a devoted following. We’ve Bitcoin maximalists and maximalists of different cryptocurrencies like Ether and Solana.
Nonetheless, Garlinghouse believes this fractionalisation is hurting the cryptocurrency business greater than it’s doing it good. He identified that fractionalisation has affected the crypto business when it comes to lobbying with policymakers in Washington. Garlinghouse added that;
“The dearth of coordination in Washington, D.C., amongst the crypto business, I discover to be stunning.”
In March, United States President Joe Biden signed an govt order calling on the federal government to look into the dangers and advantages of cryptocurrencies.
Ripple has been embroiled in a authorized battle with the US Securities and Trade Fee (SEC) since 2020 after the regulatory company claimed the corporate issued XRP tokens as unregistered securities.
The SEC had sued Ripple and a few of its executives for promoting over $1 billion value of XRP in an unregistered securities providing.