Ripple’s XRP price skyrocketed during the 2017-2018 cryptocurrency boom. This brought it global attention and positioned several of its top officials as leading personalities within the cryptocurrency and blockchain space.
Notably, Chris Larsen, co-founder, and chairman of Ripple had his worth increase to $54 billion due to his big share in XRP.
However, success was not exactly equal among Ripple’s executives with Chief Technology Officer (CTO) dismissing billionaire claims.
Ripple Executives and the XRP Price Surge
David Schwartz, recently set the record straight on his financial status amid renewed attention on Ripple executives following XRP’s meteoric rise.
Responding to such a presumption on X (previously Twitter) on December 29, Schwartz stated, “I’m still not a billionaire.”
Chris Larsen and Brad Garlinghouse, Ripple’s co-founders also benefited from the 2017-2018 cryptocurrency boom.
– Advertisement –
Larsen’s wealth grew to an estimated $54 billion and most of his fortune is said to be in 9 billion XRP tokens. Garlinghouse too rose to the heights as the cryptocurrency saw its value surge to nearly $10 billion.
Unlike some of the other members of the team, Schwartz decided on a 2% equity in Ripple and a fixed salary instead of amassing millions in XRP.
This decision has limited him to well below the billionaire status even as Donald Trump’s re-election brought XRP cryptocurrency back into focus.
XRP’s Rally and Ripple’s Prominence
Formerly the third largest cryptocurrency based on market capitalization, XRP has made a particularly impressive recovery since the election day in November this year, reaching this position after a steep rise in its price.
The digital asset market has specially been motivated by the Ripple Labs cryptocurrency whose initial value not only attracted market enthusiasts, but also earned great fortunes for holders with vast quantities of XRP.
Schwartz, however, has maintained a more cautious financial strategy. In 2021, he revealed his net worth was “a lot less than $170 million.”
In 2020, Schwartz confirmed that his portfolio includes XRP, Bitcoin (BTC), and other altcoins, but he emphasized the risks of holding highly volatile assets.
His approach contrasts with Larsen’s vast XRP holdings, which as reported by Forbes saw Larsen add $6 billion to his wealth in just one month earlier this year as XRP surged.
Ripple executives’ financial positions reflect the outsized gains available in the crypto market. However, Schwartz’s grounded approach illustrates a different mindset, one focused on long-term stability rather than speculative highs.
David Schwartz’s Role at XRP
As the price of XRP goes up and Ripple gains more traction in the international financial market, the spotlight is on the company’s management.
Larsen and Garlinghouse are billionaires; however, Schwartz’s role as Ripple’s technical genius means that success is not always measured in terms of wealth.
His work underpins Ripple’s innovations, and his transparency about his financial standing keeps him relatable to the broader crypto community.
