Ripple CTO Says He’s ‘Still Not’ A Billionaire, But Holds Millions In XRP

In the world of cryptocurrency, where values soar and plunge unpredictably, David Schwartz, Ripple’s Chief Technology Officer, addresses community speculation about his wealth.

Ripple CTO: Clarification Amidst Confusion

The latest clarification from Schwartz comes in response to a curious observation made during a recent NBA game. As Schwartz shared a photo of the Golden State Warriors vs. Utah Jazz match, showcasing the event’s record from what appeared to be an elevated vantage point, an intrigued XRP enthusiast questioned why a supposed billionaire like Schwartz wasn’t enjoying courtside seats. This prompted the Ripple CTO to reiterate his stance: he is not a billionaire, at least not yet.

Addressing Misconceptions

Schwartz’s humorous yet firm response harkens back to previous instances where he’s had to dispel similar misconceptions. Reflecting on a conversation from 2021, Schwartz emphasized that despite being erroneously attributed a billionaire status, he has yet to reach such lofty financial heights.

You’re a billionaire and don’t even have courtside seats ?!?!

— XPR Nation’PP (@1NationUnderXRP) April 15, 2024

He jests about the absence of a yacht crew or a mansion without servants in his life, quipping that he’s still far from such extravagances. Despite his repeated clarifications, the assumption within the crypto community persists, fueled in part by the billionaire status of other Ripple executives, notably Chris Larsen.

While Schwartz has refrained from divulging specific figures regarding his wealth, he has offered glimpses into his financial portfolio. With his XRP holdings estimated to be between 1 million and 10 million, Schwartz’s wealth from this cryptocurrency alone is capped at around $5 million at current rates.

Let’s just say more than 1 million and less than 10 million.

— David “JoelKatz” Schwartz (@JoelKatz) November 24, 2020

Additionally, he has disclosed investments in other cryptocurrencies like Bitcoin and Ethereum, as well as holding Ripple shares. Schwartz’s decision to prioritize Ripple stocks over XRP tokens, despite acknowledging the latter’s liquidity advantage, adds another layer to the narrative of his financial choices.

Schwartz was one of the original engineers of the XRP Ledger, and his technical know-how was essential to its creation. The year 2011 saw Schwartz start work on developing a blockchain especially for effective value transfer with the help of Jed McCaleb and Arthur Britto, two individuals with prior expertise developing the Bitcoin blockchain. Their goal was to get around constraints in the Bitcoin network by concentrating on transaction speed and scalability.

Despite Schwartz’s efforts to set the record straight, the community’s perception remains entrenched. The allure of billionaire status, coupled with the association with Ripple, continues to fuel assumptions about his wealth.

Featured image from Pexels, chart from TradingView