The “tribalism” that has formed around Bitcoin (BTC) and other crypto-assets is becoming a problem for the entire crypto market, according to Brad GarlinghouseCEO of the American fintech Rippleaffiliated with the XRP token.
These comments were made during a conference discussion Paris Blockchain Week Summit last week, according to a CNBC article.
“I own bitcoins, ethers and a few other assets. I absolutely believe this industry will continue to thrive,” Garlinghouse reportedly said. “But polarization is not healthy in my view,” he added.
He also noted that the “tribalism” seen today means that efforts to lobby politicians in the United States for favorable regulations have turned into a “fractured representation” of the crypto industry.
During this exchange, Garlinghouse also compared today’s crypto industry to how the IT industry developed in the late 1990s and early 2000s.
“yahoo could succeed and eBay also […] They solve different problems,” Garlinghouse said. He added that the reason the two companies can both be successful is “there are so many use cases, different audiences, and different markets.”
“I think a lot of those parallels exist today,” he said.
Garlinghouse’s comments last week follow a series of attacks on Bitcoin in particular by representatives of Ripple.
Last month, Ripple co-founder, Chris Larsena longtime critic of Bitcoin’s proof-of-work (PoW) consensus mechanism, has teamed up with Greenpeace to fund a $5 million campaign to discredit proof-or-work in favor of proof-of-stake (PoS).
Moreover, Mr. Garlinghouse himself is no stranger to bitcoin attacks, having previously called cryptocurrency mining a “massive waste” and said it was “not ideal” for payments.
Ripple is engaged in a long legal battle against the Securities and Exchange Commission (SEC) of the United States regarding the sale of XRP tokens, a transaction which, according to the SEC, constitutes an illegal sale of securities.
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