Contrary to popular belief within the XRP community, Ripple’s Chief Technology Officer (CTO), David Schwartz, has once again clarified that he is not a billionaire.
Schwartz reiterated this stance in a recent post on X, where an XRP enthusiast expressed surprise at his perspective during a live NBA league. The enthusiast questioned why Schwartz, who is assumed to be a billionaire, did not have courtside seats for a premium viewing experience.
In response, Schwartz stated that he is not a billionaire and quoted his previous remarks on the matter from a conversation in 2021. He humorously mentioned that he still hasn’t acquired his own yacht crew or a mansion without servants. By retweeting his earlier statement and adding the word “still,” he implied that his status remains the same.
This misconception about Schwartz’s wealth has also emerged in discussions about the “fair tax rate” for Americans based on their wealth. Schwartz pointed out that despite not being a billionaire, his effective income tax rate for 2021 was 41.5%.
Interestingly, despite Schwartz’s repeated clarifications, members of the crypto community still assume that he is a billionaire. This may be due to the billionaire status of other Ripple executives, such as Ripple chairman Chris Larsen, whose XRP portfolio alone exceeds $1.15 billion.
Schwartz has provided glimpses into his net worth without disclosing specific figures. He revealed in a 2020 conversation that his XRP portfolio ranges between 1 million and 10 million, suggesting a value of no more than $5 million in XRP alone at current rates. Additionally, he has acknowledged holding Bitcoin, Ethereum, and other undisclosed tokens in his crypto portfolio. Schwartz also mentioned holding Ripple shares, although he is unsure if that was the best decision considering the liquidity of XRP tokens. It is worth noting that Ripple has not conducted an IPO.
Please note that the information provided in this article is for informational purposes only and should not be considered financial advice. The views expressed are the author’s personal opinions and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions, and The Crypto Basic is not responsible for any financial losses incurred.