BitGo CEO says Bitcoin was also a “security asset” before 2012

On Jun 19, 2023

Mike Belshe compared XRP with bitcoin (BTC) to show his support for XRP coin amid the ongoing legal battle between the American securities regulators & Ripple (XRP).

BitGo is a Cryptocurrency trust company and security company. This firm is headquartered in Palo Alto, California. In 2013, this company was founded by Mike Belshe and Ben Davenport. In 2021, Galaxy Digital was planning to acquire this firm but stepped back, citing the downfall in the Crypto market.

On 17 June 2023, BitGo CEO Mike Belshe jumped into a Crypto Twitter discussion over the nature of Bitcoin vs Crypto.

Crypto Twitter user & Cryptographer Adam Back said that Bitcoin is not crypto & Bitcoin is more about decentralisation. Adam also said that the majority of the cryptocurrencies are centralized, so this is the reason why the majority of the crypto assets fall under the securities asset class.

BitGo CEO hits back against Adam’s claims and said that the majority of the cryptocurrencies are in the early phase, just like Bitcoin was from 2009 to 2012.

According to Belshe, 10 years ago, Bitcoin was also a security crypto token because the majority of the network upgrade-like decisions were under the control of Bitcoin’s early contributors.

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Furthermore, he compared Ripple (XRP) with Bitcoin & said that Ripple will win against the United States Securities Exchange Commission (SEC).

In 2009-2012, Bitcoin was centralized too. While it had visions of decentralization, it could have easily been labeled a security at that time.

My desire for Ripple to win is not for a love of XRP, but to enable regulatory change would have accommodated innovation like Bitcoin.
— Mike Belshe (@mikebelshe) June 17, 2023

Ripple (XRP)

XRP is a popular Proof-of-stake (PoS) blockchain network-powered Crypto token. The backend technology & crypto coding behind XRP coin is different from other cryptocurrencies.

Over the years, the XRP coin faced huge criticism over its centralized nature, as Ripple is holding a huge supply of XRP coin & also Ripple team runs the majority of the XRP Ledger nodes.