Brad Garlinghouse accuses Bitcoin maximalists of holding back the industry

Bitcoin maximalists and proponents of certain crypto assets are hindering the development of the sector. This was the view expressed by Brad Garlinghouse, chief executive of blockchain company Ripple, according to CNBC.

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In his words, tribalism around digital gold is restraining the growth of the wider market. As a former Yahoo executive, Garlinghouse likened the industry to the dot-com era at the turn of the millennium.

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“I have Bitcoin, Ethereum, I have a few other things. … Yahoo can be as successful as eBay. But they solve different problems. There are different use cases, markets and audiences,” said the head of Ripple.

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He conceded that many of these parallels exist in the cryptocurrency industry.

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Among notable Bitcoin maximalists are Twitter co-founder Jack Dorsey and MicroStrategy CEO Michael Saylor. In April 2022, the latter said that his company would continue its strategy of buying and storing digital gold.

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Another entrepreneur — Elon Musk — has been actively supporting Dogecoin. In May 2021, he stated that the meme cryptocurrency could \”without effort\” beat Bitcoin under certain conditions.

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In Garlinghouse’s view, adherents of a single asset sow divisions within the community, especially when it comes to lobbying industry interests in Washington.

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As reported in autumn 2021, Ari Paul, founder of crypto fund BlockTower Capital, noted that Ethereum supporters, in criticising Solana, find themselves in the position of the Bitcoin community in its disputes with opponents of digital assets.

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