David Schwartz, the Chief Technology Officer (CTO) of Ripple Labs Inc, shared his regrets about missing out on a potentially lucrative investment opportunity. The admission came in the wake of a recent positive ruling on the legal status of Ripple’s XRP token, declared by Judge Analisa Torres.
Ripple CTO Regrets COIN Loss
In a recent tweet addressed to his followers, Schwartz revealed that his immediate reaction upon hearing about the favorable ruling should have been to invest in the shares of Coinbase Global Inc (COIN), a publicly traded crypto trading behemoth.
Evidently, it is also noted that Coinbase’s stock, which has experienced a recent downturn with a 4% loss, had outperformed its counterparts on Wall Street in the preceding days. Over the course of just five days, from July 9 to July 14, the stock soared by an impressive 29%. Notably, this surge coincided with the period when the value of XRP also reached new heights.
But looking at the bigger picture, the legal victory for XRP had a ripple effect on stocks related to the digital currency ecosystem. On the other hand, MicroStrategy Incorporated, a prominent business intelligence and software firm known for its substantial holdings of Bitcoin (BTC), saw its stock jump by 18.95% over the past five days, with the most significant gains occurring in the last two days.
Interestingly, the unique boost in Coinbase’s stock value can be attributed to the realization that the company stands to benefit from the XRP ruling. Currently facing a lawsuit filed by the United States Securities and Exchange Commission (SEC) for allegedly supporting altcoins deemed investment contracts, Coinbase’s legal prospects seem to have improved following the XRP ruling.
How the Community Reacted?
However, Schwartz’s tweet about his missed opportunity in Coinbase’s stock sparked a mixed response within the cryptocurrency community. One Twitter user, going by the handle @mufcbacker, cautioned the Ripple executive about potential legal troubles that may arise from sharing investment-related sentiments. Schwartz acknowledged the concern by responding with a gif, indicating that he is aware of the risks involved and that he has faced similar situations before.
In the meanwhile, the reference to Elon Musk’s legal battles resulting from his online activities, particularly tweets related to stocks and cryptocurrencies like Dogecoin (DOGE), added an intriguing parallel to the conversation. Musk, the CEO of Tesla and SpaceX, is currently embroiled in a legal dispute with disgruntled DOGE investors.
