The Crypto Rollercoaster of 2023
In 2023, Bitcoin had a tumultuous year, starting strong but experiencing recent fluctuations that have left it hovering around the $42,000 mark. This has cast doubt on its future, especially with the impending Bitcoin halving in 2024 and the US presidential campaign. Over the past month, Bitcoin has suffered a drop exceeding 2%, intensifying the uncertainty.
2014 Crypto Predictions by Ripple President
Ripple President Monica Long’s 2024 predictions offer a pragmatic outlook for the cryptocurrency industry, emphasizing compliance and institutional adoption, envisioning a departure from crypto’s speculative cycles toward a phase of mature utility.
The 2024 Mantra is Compliance-First, No More Hype
Long foresees the upcoming year as a transformative period where the industry moves beyond “speculative hype cycles” and focuses on real-world applications at a large scale, following compliance within decentralized finance (DeFi). Long stresses the imperative need to regain trust and urges the industry to develop tailored compliance tools for DeFi.
Blockchain’s To Overtake Traditional Banking
Contrary to forecasts predicting blockchain’s overtaking of traditional banking, Long sees a coexistence between the two realms. She notes the integration of blockchain-based solutions by financial giants like Blackrock and Visa, showcasing a fusion of traditional finance and crypto.
Usability Gets a Space!
Long predicts enhanced usability for digital assets in 2024, challenging the notion of billions of users self-custodying their crypto. Instead, she envisions a future where established firms rely on crypto-native partners like Ripple’s Metaco for operational management while leveraging blockchain’s potential.
Will SEC Stop its Anti-Crypto Approach?
Ripple’s top leaders say there will be more pressure from Congress to shape cryptocurrency regulations in the upcoming year. They foresee a consensus among lawmakers regarding implementing regulations within the crypto space but also predict a lack of agreement on the most suitable approach to enacting these regulations. This potential deadlock in decision-making might challenge crypto firms in the United States.
Hot Take
In Short, Long’s predictions suggest a shift in the crypto landscape toward maturity, emphasizing practical use, ties with institutional finance, and a harmonious relationship between traditional banking and the growing crypto industry.
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