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The CEO also announced Ripple’s plans for a US dollar-backed stablecoin. Concerns were expressed about the US regulatory authorities’ anti-cryptocurrency stance hindering market growth. Brad Garlinghouse cited ETFs and Bitcoin halving predictions, forecasting that by 2024, the cryptocurrency market will double.
Ripple CEO Brad Garlinghouse provided valuable insights into the cryptocurrency market during an interview with Fox on April 18th. Garlinghouse offered an optimistic outlook, stating that the market is expected to double by the end of 2024, following the recent downturn in the cryptocurrency market. The CEO emphasized the key factors driving the market and the urgent need for regulatory transparency.
Garlinghouse acknowledged significant fluctuations in cryptocurrency prices last week. Noting the recent downturn, he urged investors to focus on the long-term bull market. He later added that this trend is due to various factors, including the approval of Exchange-Traded Funds (ETFs) and the upcoming Bitcoin halving.
However, after discussing the market’s growth potential, Garlinghouse warned about the lack of regulatory clarity in the US. He expressed concerns about the US regulatory authorities’ “anti-cryptocurrency” stance. Moreover, he indicated that policymakers lack understanding of the pros and cons of cryptocurrency.
The CEO highlighted examples of other countries, such as Dubai and Singapore, adopting cryptocurrency in a more constructive and better way. These countries have established regulatory frameworks to enhance the adoption of the Web3 industry.
Despite regulatory challenges in the US, Garlinghouse remains optimistic about Ripple’s prospects, especially in non-US markets. Over 95% of Ripple’s customers are located outside the US, and the company continues to expand its product range, currently offering payment and custody solutions to global financial institutions.
Garlinghouse also spoke about Ripple’s plans to launch a US dollar-backed stablecoin later this year. Stablecoins are positioned as a bridge between traditional finance and cryptocurrency, aiming to meet the growing demand for stable assets while prioritizing regulatory compliance in the development of the stablecoin market.
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