According to Ripple CEO, Bitcoin's tribalism holds back the crypto industry

According to Ripple CEO Brad Garlinghouse, "tribalism" surrounding bitcoin and other cryptocurrencies is holding back the entire $2 trillion market.

"I own bitcoin, ether, and a few other things," Garlinghouse explained. "I believe that this industry will continue to thrive." According to Garlinghouse, Bitcoin "maximalism" has resulted in "fractured representation" in Washington, D.C.

According to the CEO of blockchain firm Ripple, "tribalism" surrounding bitcoin and other cryptocurrencies is holding back the entire $2 trillion market.

Former Yahoo executive Garlinghouse compared today's crypto industry to the dot-com era of the late 1990s and early 2000s.

"Yahoo and eBay could both be successful... "They're dealing with different issues," he explained. "There are various use cases, audiences, and markets to consider." Many of those parallels, I believe, still exist today." According to CoinGecko data, there are now tens of thousands of cryptocurrencies in circulation, worth $2 trillion.

Twitter co-founder Jack Dorsey also MicroStrategy CEO Michael Saylor are two of the so-called maximalists who only support bitcoin and not other cryptocurrencies.

According to Garlinghouse, such maximalism has resulted in the crypto industry having "fractured representation" when lobbying U.S. lawmakers.

President Joe Biden autographed an executive order last month directing the government to investigate the risks and benefits of cryptocurrencies. "I find the lack of coordination in Washington, D.C. among the crypto industry shocking," he said.

Ripple is frequently associated with XRP, a cryptocurrency used by the company for cross-border payments. The company owns most of the 100 billion XRP tokens in circulation, which it regularly releases from an escrow account to preserve prices stable.

Ripple is fighting the Securities and Exchange Commission in court over allegations that it illegally sold more than $1 billion in XRP in an unregistered securities offering.