- The CEO additionally introduced plans for Ripple's USD-backed stablecoin.
- Considerations have grown that the anti-cryptocurrency stance of US regulators is hindering market progress.
- Brad Garlinghouse predicts the crypto market will double by 2024 attributable to ETFs and Bitcoin halving.
Ripple CEO Brad Garlinghouse offered beneficial perception into the crypto market in an April 18 interview with FOX. Garlinghouse expressed optimism, stating that the market will double by the top of 2024 following the current downturn within the crypto market. The CEO emphasised the pressing want for readability on the important thing market drivers and rules.
Garlinghouse acknowledged the big swings in cryptocurrency costs during the last week. He additionally cited the current decline and urged traders to concentrate on the long-term bull market. He later added that this development is because of a number of components, together with the approval of exchange-traded funds (ETFs) and the upcoming Bitcoin halving.
However after talking in regards to the market's progress potential, Garlinghouse warned in regards to the lack of regulatory readability in america. He expressed concern over what he described as an “anti-cryptocurrency” stance by US regulators. As well as, he mentioned there’s a lack of awareness amongst policymakers about the advantages and downsides of cryptocurrencies.
The CEO cited examples of different international locations which have launched cryptocurrencies in a extra constructive and higher method, similar to Dubai and Singapore. These international locations have regulatory frameworks to extend adoption of the Web3 area.
Regardless of the regulatory challenges within the US, Garlinghouse stays bullish on Ripple's prospects, particularly in markets outdoors the US. Greater than 95% of Ripple's prospects reside outdoors america, and the corporate at the moment continues to broaden its providers by offering cost and storage options to monetary establishments world wide.
Garlinghouse additionally talked about Ripple's plans to launch a USD-backed stablecoin later this yr. Positioned as a bridge between conventional finance and cryptocurrencies, stablecoins purpose to fulfill the rising demand for secure property whereas staying forward of regulatory compliance within the evolution of the stablecoin market.
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