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Ripple CTO Denies Billionaire Status

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XRP Poised for Breakout as Consolidation Phase Nears Completion

David Schwartz, Ripple’s CTO, has once again clarified that he is not a billionaire, despite common assumptions within the XRP community. This reaffirmation came during a recent interaction regarding a basketball game, where Schwartz’s seating raised eyebrows among XRP enthusiasts.

Reiterating Past Statements

Responding to questions about his supposed billionaire status, Schwartz reiterated comments he made in 2021, emphasizing that he has not yet reached billionaire status. Humorously, he mentioned the absence of yacht crews or mansions sans servants in his life. His recent tweet echoes this sentiment, indicating that nothing has changed since then.

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Schwartz’s clarification on his wealth status arose during discussions on fair tax rates for different wealth brackets. Despite his income tax rate exceeding 40% in 2021, he pointed out his distance from billionaire status.

Perceptions vs. Reality

Despite Schwartz’s repeated assertions, members of the crypto community persist in assuming his billionaire status, likely influenced by other Ripple executives like Chris Larsen. Larsen’s XRP holdings alone exceed $1.15 billion, adding to the misconception surrounding Schwartz.

Schwartz has openly shared glimpses into his wealth, revealing his XRP portfolio size ranging from 1 to 10 million tokens, amounting to no more than $5 million at current rates.

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Additionally, he disclosed holdings in Bitcoin, Ethereum, and other undisclosed tokens. Schwartz also mentioned owning Ripple shares over XRP tokens, though he’s uncertain if it was the best decision, considering the liquidity of XRP. Notably, Ripple has yet to undergo an IPO.

By clarifying his financial standing and sharing insights into his portfolio, Schwartz aims to dispel misconceptions surrounding his wealth within the crypto community.

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