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David Schwartz, the honorary Chief Technology Officer of Ripple, revealed that he feels burdened to publicly express optimistic views on XRP and the cryptocurrency market. This is because his positive statements, given his position as a key figure at Ripple, could be perceived as self-serving or market manipulation.
According to U.Today, a cryptocurrency specialized media outlet, on May 7 (local time), Schwartz expressed on X (formerly Twitter) that it's bittersweet that he cannot comfortably share his optimism about XRP and cryptocurrency in general. He explained that he hesitates to speak publicly because his optimistic views could be misunderstood as selfish statements or deliberate manipulation.
Schwartz has played a key role at Ripple for a long time. U.Today reported that Schwartz expressed regret over the difficulty of freely expressing his opinions due to his influential position within Ripple. The act of stating a positive view on XRP itself could be perceived as an attempt to influence the market, which has become a burden.
Behind these remarks are criticisms surrounding Schwartz's history of selling personal holdings. U.Today explained that the cryptocurrency industry has a strong 'diamond hands' culture, and Schwartz has faced repeated attacks for his past decision to sell cryptocurrencies amid an atmosphere that views profit-taking negatively.
Schwartz has defended his past decision to sell some of his XRP, Bitcoin (BTC), and Ethereum (ETH). He pointed out that everyone had the same opportunity to buy and sell XRP as he did, and that he sold Bitcoin and Ethereum in the same way, but that part is not questioned. He also completely rejects the idea that selling is morally inferior to buying, arguing that one should sell when it aligns with their personal financial interests.
He also stated that the culture rejecting self-sacrificing financial behavior was why he was attracted to the early Bitcoin community. Schwartz explained that he views past missed significant profit opportunities as the cost of risk management. He is also well-known for having once exchanged Bitcoin for 26 million XRP but selling a significant portion when the XRP price reached $0.10. Schwartz stated that he felt great discomfort holding millions of dollars worth of highly volatile assets.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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