Bitcoin remains the leading cryptocurrency by market capitalization, accounting for more than 40% of the total crypto market value.
Ripple CEO Brad Garlinghouse recently told CNBC that tribalism around Bitcoin and other cryptocurrencies is holding the crypto industry back.
The total crypto market is currently valued at roughly $2 trillion, but Garlinghouse said there is still room for growth. He commented:
“In my view, polarization is unhealthy. I own Bitcoin, Ether and some other coins. I am absolutely confident this industry will continue to thrive.”
Garlinghouse believes that multiple major cryptocurrencies can rise simultaneously without hindering each other’s development. He compared the present crypto market to the dot-com era of the late 1990s and early 2000s. He said:
“Yahoo can be successful, and eBay can be successful. They solve different problems. There are diverse use cases, diverse audiences and different markets. I think there are many parallels to draw today.”
Despite the overall growth of the crypto sector, some tokens inspire particularly zealous followings. There are Bitcoin maximalists as well as passionate supporters of other cryptocurrencies like Ether and Solana.
However, Garlinghouse argues that this kind of fragmentation does more harm than good for the industry. He pointed out that division has affected crypto advocacy efforts in Washington. He added:
“I was shocked by the lack of unity in Washington, D.C., around the crypto industry.”
In March, U.S. President Joe Biden signed an executive order asking the government to study the risks and benefits of cryptocurrencies.
Ripple has been engaged in a legal battle with the U.S. Securities and Exchange Commission (SEC) since 2020, after the regulator alleged the company issued XRP tokens as unregistered securities.
The SEC sued Ripple and several of its executives, accusing them of selling over $1 billion worth of XRP in an unregistered securities offering.