Echoing this optimism, CEO of blockchain and payments company Ripple, Brad Garlinghouse, said in an interview with Sky News Arabia that he is very optimistic about the future of cryptocurrencies.
He added: “If someone had told me that the markets would witness last year the failure of the Terra Luna currency, the collapse of the FTX platform and the collapse of the linked banks to cryptocurrencies in America, Bitcoin would come back to levels of 27 or 28 thousand dollars, I would not have believed it.”
Regarding the resilience of cryptocurrencies, Garlinghouse said, “Many people view them as a long-term store of value or even a safe haven for specific purposes.
He pointed out that the more the cryptocurrency community focuses on solving real problems and uses for these currencies, the more the industry can thrive.
Regarding the US banking crisis, Brad said, “I believe that bank instability has been a major driver of cryptocurrencies since its inception, and if we go back to the Bitcoin white paper, written by Satoshi Nakamoto (the person who allegedly founded and developed Bitcoin), we will see that this currency I emerged from the banking crisis of 2008 and 2009.
“I think the banking issues will be reflected in the increased interest in cryptocurrencies, and I don’t think that’s any different than what we’ve seen in the US in recent months,” he added. .
And with the recent collapses in the US banking sector, Garlinghouse said: “What does this mean for the status of the US dollar as a reserve currency? Changes that happen in ten to twenty years.
He added: “If you had told me years ago that the internet would start to spread, and that just by pressing a button on my phone, I could have an ice cream on my doorstep in twenty minutes, I wouldn’t have believed and that’s where we are today.”
The ‘Ripple’ founder says it’s hard to predict where blockchain and cryptocurrency will end up, “but I know it’s here to stay, and it will continue to grow.”
Crypto and the legal system
In December 2020, the United States Securities and Exchange Commission dropped a bombshell on the crypto industry by suing the “Ripple” company, in addition to two of the company’s senior executives, and questioning Brad Garlinghouse about it. subject, he said: “The case started about two and a half years ago, and certainly it has been frustrating and slow, but the good news is that at the end of this journey, others in the crypto industry will be at the beginning, but for us it will be at the end.”
And on whether the case will go on for longer than that, Garlinghouse said: “I have previously said the case could end in two to six months. The judiciary has been fully briefed on the details. and the decision is on their table now, but it’s hard to set a timeline for the judges. “The Feds, though, I’m optimistic we can see a decision before the end of the third quarter.”
Ripple and Dubai
Regarding the company’s presence in Dubai, the CEO said that they chose the emirate about three years ago for two reasons. The first is that the company’s customers are located in the region, since 20% of the company’s activities take place in the Middle East and North Africa.
He added, “The government here is providing clear policies and rules, and globally we are seeing countries like the UAE engaging in the regulation of cryptocurrency markets and bringing clarity. It’s all about clarity, because entrepreneurs need to know the rules on which they’re going to build their business.”
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