At a recent interview on Fox Business’s “Mornings with Maria,” which is led by Maria Bartiromo, Ripple‘s CEO, Brad Garlinghouse, shared valuable perspectives about the present situation and upcoming trends in the crypto market.
Garlinghouse initiated the conversation by providing a summary of the cryptocurrency market’s surge over the past six months, mentioning that Bitcoin saw an impressive increase of around 250% during this period. He pointed out two significant factors contributing to this upward trend: the U.S. Securities and Exchange Commission (SEC) approving eleven Bitcoin spot ETFs on January 10, and the Bitcoin halving event on April 20.
Moving forward, Garlinghouse boldly asserted that the value of the cryptocurrency market would nearly double, surpassing $5 trillion by the close of 2024.
“When you take a broader perspective, it’s not a surprising forecast that this market will more than double in size by the end of the year. In fact, I may have even underestimated its growth potential.”
During the discussion about the regulatory landscape in the US, the conversation became especially important to Garlinghouse. He voiced his worry over what he believes is a hostile attitude towards cryptocurrencies from American regulators, specifically targeting the SEC under Gary Gensler’s tenure. He pointed out that crypto is often wrongly linked to illegal activities and criticized public figures like Senator Elizabeth Warren for perpetuating such narratives. According to Garlinghouse, these negative portrayals hinder the industry’s capacity for innovation.
Garlinhouse proposed a regulatory framework that fosters invention and adherence to rules. He believed that regulations that encourage growth could lead to substantial economic expansion and employment opportunities in the United States.
In contrast to some countries, Garlinghouse noted that places like Dubai, Singapore, the UK, and the EU have advanced significantly in crypto regulations. Consequently, these areas have become alluring destinations for crypto inventions and investments due to their progressive laws. This distinction has resulted in a flow of funds and business owners moving away from the U.S. in pursuit of more favorable conditions.
According to Garlinghouse’s updates on Ripple’s strategic plans, the company aims to introduce a U.S. dollar-backed stablecoin this year. This action is designed to bridge the divide between conventional finance and cryptocurrency, making Ripple a leading player in the rapidly expanding stablecoin market.
Regarding Ripple’s expansion and plans, the Ripple CEO noted that an impressive 95% of Ripple’s customer base is located outside the United States. He considered this a significant advantage for his business.
“In our opinion, the potential is vast and beneficial for Ripple as a company, as well as for XRP, the digital asset we employ.”
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2024-04-21 11:43