Ripple’s chief technology officer David Schwartz dismissed claims he’s a billionaire in a recent social media post. During XRP’s meteoric rise in 2018, Ripple’s executives have grabbed the attention of the global community, catapulting some to the upper echelons of world rich list.
For example, Ripple co-founder Chris Larsen saw his net worth skyrocket into the stratosphere, using his 9 billion XRP tokens as an anchor for doing so. Ripple CEO Brad Garlinghouse’s wealth also approached $10 billion at the same time, due to the token’s high pace of price increase.
David Schwartz’s Conservative Approach to Ripple Wealth
Unlike many in the crypto world, Schwartz chose to hold 2% stake in Ripple and a salary rather than hoard huge amounts of XRP tokens. Forbes dubbed him Ripple’s trillion dollar man,’ but his approach earned him comparatively modest wealth.
According to Forbes, Schwartz was worth $90 million in 2019. But in 2021, Schwartz cleared up that his net worth wasn’t ‘much’ at all apparently a lot less than $170 million.
Schwartz blamed his money on the same circumstances that have left much of his wealth tied to volatile assets such as XRP and other cryptocurrencies in a candid statement. “Obviously I’m very happy with how it has worked out, but you know, always a bit on edge, as always a bit on edge in the risks it (The Tax Cuts and Jobs Act), that’s why,” in October 2021.
In 2020, Schwartz revealed he participates in cryptocurrency market by holding XRP, Bitcoin (BTC), and other altcoins. XRP made news once again this year during a big rally that briefly pushed the altcoin into the third rank of cryptocurrencies, by market cap. Larsen was said to have added $6 billion to his net worth in one month, spurred on by the price surge of the token, by Forbes earlier this month.
Schwartz’s recent denial may be among the many reasons that made Ripple’s leadership see immense wealth creation while many prospering and his own fortune variety, amid the volatile cryptocurrency landscape.
