David Schwartz, the Chief Technology Officer of Ripple, recently addressed speculation surrounding his XRP holdings and trading activity during a discussion on X (previously Twitter).
Schwartz refuted claims that he is a billionaire, a misconception he has consistently debunked, as earlier reported by Times Tabloid. He also addressed the allegation that he sold billions of XRP to acquire Ethereum (ETH), as purportedly stated in a Securities and Exchange Commission (SEC) filing.
Read Also: Rumors Swirl: Ripple vs. SEC Settlement Could Occur in the Next 24 Hours
For clarification, Schwartz revealed details about his past and present XRP holdings. He disclosed that at his peak, he held approximately 26 million XRP, indicating that his current holdings are lower.
Additionally, he confirmed that while he sold some Bitcoin (BTC) in the past to acquire XRP and ETH, he has never sold XRP to purchase other cryptocurrencies.
“I don’t think I’ve ever sold XRP to buy another crypto except maybe small amounts for some unusual purpose.” Schwartz stated.
Responding to inquiries about how he manages his XRP holdings, Schwartz explained that he employs a “reasonable risk minimization strategy.” This involves selling portions of his BTC and XRP holdings whenever they reach new all-time highs. This approach stems from his inherent risk-averse nature, where he prioritizes minimizing losses over maximizing gains.
“I’m naturally a very risk averse person. I don’t really feel my wins and my losses really sting. I still have more risk left than I’m comfortable with. But, obviously, I can’t really complain.” Schwartz remarked.
When questioned about the possibility of future XRP sales, Schwartz indicated that it would likely occur when he receives XRP as payment. This is due to tax implications, as receiving cryptocurrency as compensation often necessitates selling a portion to cover withholding taxes.
Read Also: Ripple CEO Brad Garlinghouse Shares Update On IPO
Ripple CTO, has set a great example by openly discussing his XRP holdings and investment strategy. This level of transparency helps dispel rumors and speculation and provides valuable insights into the financial decision-making processes of a key figure within the XRP ecosystem.
Schwartz’s willingness to engage in such open communication fosters a culture of trust and understanding within the cryptocurrency community. It sets a positive precedent and may encourage other prominent figures in the industry to follow suit. Increased transparency can lead to a healthier and more informed cryptocurrency landscape overall.
Follow us on Twitter, Facebook, Telegram, and Google News
Ethereum, Solana, and Avalanche have had their run. These established players have dominated the crypto…
The Shiba Inu lead developer, Shytoshi Kusama, recently took to X to express his satisfaction…
In the ever-evolving world of cryptocurrencies, Near Protocol and Polkadot have exhibited remarkable metrics and…
Forbes recently published an article predicting that a sudden $6 trillion Fed inflation will unleash…
In the ever-evolving landscape of cryptocurrency, emerging tokens often captivate the attention of investors with…
While recent court decisions haven't directly impacted XRP's price, a cloud of uncertainty hangs over…