Recently Brad Garlinghouse, CEO of Ripple Labs gave his appearance on Fox Business’s “Mornings with Maria. On the show, run by Maria Bartiromo, Garlinghouse gave his comprehensive analysis on crypto markets. Further, he also added what might happen in the crypto world in coming years. The discussion initiates with a quick rundown of the crypto market’s performance, which significantly demonstrates a notable uptick in the last six months.
He highlighted two main factors that influence this significant uptick, one is the U.S. SEC approved 11 Bitcoin ETFs on January 10. Another is the Bitcoin halving (it reduces the cost of new coins creation) that happened on April 20.
Looking forward to a positive outcome, he said that “ If everything remains favorable, the crypto market could double to $5 trillion by the end of 2024.”. However, as the market is volatile and predominantly influenced by supply and demand, it should not be taken as a big prediction, added by Garlinghouse. The discussion took a sudden turn while discussing the subject of the US regulatory landscape.
Garlinghouse voiced alarm about U.S. officials’ projected anti-crypto positions, specifically targeting the SEC controlled by Gary Gensler. He criticized the fabrications made about the usage of cryptocurrency in illegal activity, especially by politicians like Senator Elizabeth Warren, saying that these stories limit the creative possibilities of the crypto sector.
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In conversation, Garlinghouse offers his suggestion to the government to establish supportive rules to emergent ideas. Supporting new ideas and following these rules, could majorly influence the growth and development in the economy. Moreover, it also brings new avenues to employment in the US. Garlinghouse drew attention to the variations in regulatory approaches around the globe. He praised a few nations for making tremendous regulatory movements such as Singapore, the UK, Dubai, etc. These countries are now desirable hubs for Bitcoin innovation.
Businesses and capital have been migrating to the United States in pursuit of more favorable conditions as a result of this discrepancy. After laying down the basis, he highlights the strategic goals of Ripple. Furthermore, he highlighted his forward-thinking plans to kickstart a market by introducing a stablecoin backed by the US dollar. He expected the launch of stablecoins at the end of the year.
This move is strategically focused to bridge the gap between traditional finance and cryptocurrency. Putting Ripple at the forefront of the stablecoin sector, which is expected to grow dramatically in the next few years.
Regarding the company’s expansion and strategy, the CEO of Ripple stated that 95% of its clients are based outside of the United States, which he claimed created a “huge opportunity” for his business:
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“We believe there is a huge opportunity there, and we think it will be great for Ripple and XRP, which is a digital asset we use.”
