While many participants in the crypto space continue to advocate for just a single blockchain, some believe the future will consist of multiple blockchains working together.
From Toronto in 2017 to now, we’ve brought #RippleSwell around the world. I closed out this year’s event with a fireside chat with CNBC’s @dan_murphy, where he talked about how we can reach the next phase of enterprise cryptocurrency adoption with clear regulations. 1/2 https://t.co/kXLxeAGaEk
— Brad Garlinghouse (@bgarlinghouse) November 11, 2023
During a keynote chat at the Ripple Swell 2023 event in Dubai, Ripple CEO Brad Garlinghouse made several comments, saying he actively discourages those who present themselves as “maximalists.” According to Ripple’s CEO, the world will become multichain in the future. He explained:
“I’m very optimistic about a lot of different things happening in crypto. I’m certainly active in trying to dissuade people from being maximalists about a particular cryptocurrency. It will be a multi-chain world.”
In addition to discouraging maximalists, Ripple’s CEO also spoke about what he believes are the catalysts that could drive further institutional adoption of crypto. According to Garlinghouse, two factors can drive institutional adoption of digital assets worldwide. This includes having clear regulatory frameworks and having what he described as ‘demonstrated utility’.
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Garlinghouse explained that while the United States controls about 22-23% of global gross domestic product (GDP), the country is “far behind” in regulators creating clear rules for crypto. Ripple’s CEO said the US is lagging behind jurisdictions like Dubai, where regulators are dealing constructively with the sector. He explained:
“The US is far behind in creating these structures, especially in contrast to the Dubais of the world. And so you have to have the frameworks that large institutions can adopt and engage.”
In addition to clear rules and regulatory involvement, Ripple’s CEO also believes that further institutional adoption will be driven by demonstrating utility versus mere speculation. According to Garlinghouse, crypto speculation is not the end goal. “You also have to have that demonstrated utility, because if it’s just speculation, in my opinion that’s not the promised land,” he added.
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