Monica Long’s Crypto Predictions for 2024
According to Ripple’s president, Monica Long, the year 2024 will mark the end of the speculative hype cycles that have characterized the cryptocurrency industry since the inception of Bitcoin. She believes that this milestone will be achieved before the next crypto “summer.”
Long asserts that the industry will break this cycle by focusing on real-world utility at scale and addressing key challenges such as compliance, usability, and integration with existing systems. She predicts that the most significant breakthrough in 2024 will be pioneering compliance for decentralized finance.
Emphasis on Compliance and Transparency
In addition to discussing compliance, Long highlights the importance of adhering to regulations within the crypto industry. She emphasizes that this is crucial for protecting investors and regaining their trust following the collapse of several cryptocurrency exchanges in 2022.
Long calls for the development of innovative technologies that facilitate regulatory compliance in a decentralized ecosystem. She suggests the need for a toolkit designed specifically for this purpose.
The Role of Blockchain in Finance
While there have been concerns about blockchain replacing traditional banks, Long clarifies that blockchain will not replace banks but rather improve the financial system. She underscores the potential benefits of integrating blockchain technology into traditional finance.
Ripple Labs’ Impact in Fintech
XRP, closely associated with Ripple, is already gaining recognition for its ability to enable cross-border settlements. Similarly, XRP Ledger (XRPL) is known for its advanced features, making it a preferred choice for companies and governments looking to enhance their crypto projects.
The Republic of Palau is progressing with its stablecoin development in partnership with XRPL. It is expected that more utilities based on Ripple protocols will emerge in 2024.
Ripple’s executives, including Monica Long, offer their perspectives on the future of the cryptocurrency industry. They predict a shift towards real-world utility, increased compliance, and integration with existing financial systems. These insights highlight the importance of transparency, trust, and innovation in shaping the crypto landscape in the coming years.
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