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Brad Garlinghouse: “Bitcoin Maximalists Are Holding Back the Growth of the Entire Cryptocurrency Industry”


Ripple CEO Brad Garlinghouse believes it is wrong to invest in only one cryptocurrency, as this hinders the development of the entire digital asset industry.

At the Blockchain Week summit in Paris, Brad Garlinghouse stated that the fanatical commitment to bitcoin and certain other crypto assets is holding back the entire cryptocurrency market, which could well exceed $2 trillion in capitalization. The head of Ripple said that he stores bitcoin, ether and other crypto assets. He has absolute confidence that all major cryptocurrencies have good prospects, so the industry will flourish.

“Bitcoin maximalists are contributing to an unhealthy polarization of the cryptocurrency industry. For example, Yahoo can be as successful as eBay. There is no need to choose between them, they just solve different problems. Each crypto asset also has its own use cases, different markets and audiences,” said Garlinghouse.

Indeed, Bitcoin has many dedicated enthusiasts who only support this cryptocurrency. Among them are Twitter co-founder Jack Dorsey and MicroStrategy CEO Michael Saylor. According to Garlinghouse, bitcoin maximalists are creating divisions in society, especially when it comes to lobbying US lawmakers to regulate cryptocurrencies.

Garlinghouse is “shocked” by the lack of coordination in the state of Washington, DC, as other states try to develop the cryptocurrency industry. However, at the end of March, Washington State Governor Jay Inslee signed into law a bill to implement blockchain in the financial and industrial sectors of the state.

Earlier, Garlinghouse expressed hope that US President Joe Biden’s order would improve the regulatory environment in the US, where departments hold opposing views on digital assets.

Source: Bits

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