By the end of 2024, the cryptocurrency market will double to a valuation of $5 trillion.
If you take a step back and realize that this market, like any other, is driven by supply and demand, I don't think it's that big of a prediction. It's basically just a prediction that it's going to double by the end of the year, and if anything, my prediction was probably an underestimate.
The conversation took a critical turn when we discussed the U. S. regulatory environment. Garlinghouse believes that US regulators are taking an anti-cryptocurrency stance, and was particularly critical of the SEC, headed by Gary Gensler. He drew attention to the misrepresentation that #cryptocurrencies are being used for illegal activities, especially by figures such as Senator Elizabeth Warren, and said that such statements undermine the industry's innovative potential.
Mr. Garlinghouse advocated for an approach to regulation that encourages innovation and compliance, suggesting that supportive regulation can foster significant economic growth and job creation in the United States.
Mr. Garlinghouse highlighted the contrasting attitudes towards regulation around the world, noting that countries such as Dubai, Singapore, the UK, and the EU have made significant progress in regulatory development, making them attractive hubs for cryptoinnovation and investment. This disparity has led to the migration of capital and entrepreneurs from the US in search of a more favorable environment.
Speaking about Ripple's strategic initiatives, Mr. Garlinghouse shared interesting news about the company's plans to launch a US dollar-backed stablecoin later this year. The move is designed to bridge the gap between traditional finance and cryptocurrencies, positioning #Ripple at the forefront of the stablecoin market, which is expected to grow exponentially in the coming years.
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