Ripple President’s 2024 Crypto Forecasts: An Exclusive Glimpse into the Future
Bitcoin’s journey in 2023 has been a tumultuous one, starting off strong but now facing uncertainty with recent fluctuations. The cryptocurrency has experienced a drop of over 2% in the past month, adding to the unpredictability in the market.
Monica Long, the President of Ripple, has offered her predictions for 2024, providing a pragmatic outlook for the cryptocurrency industry. Her focus is on compliance and institutional adoption, envisioning a shift away from speculative cycles towards a more mature phase of utility.
Long emphasizes the importance of compliance in the industry and sees the upcoming year as a transformative period. The goal is to shift the focus towards real-world applications on a large scale, with a particular emphasis on compliance in decentralized finance. Long believes that rebuilding trust in the industry requires a compliance-first approach and urges the development of tailored compliance tools for decentralized finance.
Contrary to some predictions, Long believes that blockchain will coexist with traditional banking rather than overtaking it. She points to the integration of blockchain-based solutions by financial giants like Blackrock and Visa as evidence of a fusion between traditional finance and crypto. The appeal of lower fees and faster transactions continues to draw these institutions into a symbiotic relationship with the crypto space.
Long also predicts enhanced usability for digital assets in 2024, challenging the idea that billions of users will self-custody their crypto. Instead, she envisions a future where established firms rely on crypto-native partners for operational management while leveraging the potential of blockchain technology.
Looking at the regulatory landscape, Long expects more pressure from Congress to shape cryptocurrency regulations in the coming year. She foresees a consensus among lawmakers on implementing regulations in the crypto space, but also predicts a lack of agreement on the best approach to enact these regulations. This potential deadlock in decision-making could pose challenges for crypto firms in the United States, while companies worldwide may benefit from advancements in the industry as the US navigates regulatory uncertainties.
In summary, Long’s predictions suggest a shift towards maturity in the crypto industry, with a focus on practical use, ties to institutional finance, and a harmonious relationship between traditional banking and the growing crypto industry.