Ripple CEO Brad Garlinghouse has been criticized for his comments about Bitcoin maximalism. The Ripple boss opposes making Bitcoin the sole candidate for a potential national crypto reserve.
In his tweet, Garlinghouse shared his disapproval, noting that the move will stunt the progress made by the crypto industry so far. “Maximalism remains the enemy of crypto progress, and I’m happy to see fewer and fewer folks ascribe to this outdated and misinformed thinking,” he said. He believes that a national crypto reserve should consist of different tokens, and not just Bitcoin or XRP.
Ripple CEO makes a case for a diverse crypto reserve
According to Garlinghouse, he owns a plethora of tokens, including Bitcoin, XRP, and Ethereum. He believes that way, he provides a level playing field for all tokens instead of loving one more than the other. He mentioned that if the government was looking to create a national crypto reserve, then it should consist of different tokens in the crypto industry and not one.
United States President Donald Trump had been mulling the idea of a national digital asset stockpile, an idea that he had shared in the run-up to the elections in November. Traders had predicted that the national reserve would include Bitcoin, the current leading token in the crypto market and the most adopted among corporate entities. However, betting platform Polymarket has placed a 17% odds on Donald Trump approving the project before his first 100 days in office.
The crypto community shares mixed reactions over Garlinhouse’s tweet
Garlinhouse’s tweet generated quite a buzz in the crypto market, attracting both criticism and support. According to a user, the Ripple CEO should be interviewed to provide an in-depth analysis of his stance, noting that he needs to explain things in detail. However, another user accused Ripple of shedding its pre-mined XRP on retail traders, saying the company had no conscience.
Meanwhile, another user mentioned that it is a positive stance on the Ripple CEO’s path, noting that he just wants the wider crypto industry to prosper together. While there has been talk in the crypto community, the government has yet to reveal the assets that will be included in the reserve. Meanwhile, Trump has already assembled a working group that will look into the risks and benefits of forming the digital asset reserve.