Important names from Ripple continue to share their predictions for the cryptocurrency market. Ripple president Monica Long shared her views on the future of the industry for 2024.
Long: “The Market Will Escape Speculative Hype Cycles”
According to Long, 2024 will witness a significant change in the crypto industry. Long believes the industry will move away from the speculative hype cycles that have characterized the booms and busts that have occurred since Bitcoin's invention. Long believes the focus will shift toward real-world use by solving issues of compatibility, usability, and integration with existing systems.
Long predicts that the biggest breakthrough will be pioneering the compatibility required for decentralized finance. Long calls the current period 'crypto winter'; According to the president, this is a great season for serious entrepreneurs to try to solve real-world problems, especially those who believe in modernizing the world's financial infrastructure with blockchain.
Long emphasizes that in 2024, the industry must adopt a compliance-first approach to keep customers and users safe and regain the trust lost after some major disruptions in the industry. Long sees the need to build compliance tools in a decentralized environment as the next frontier of innovation in blockchain.
Long also highlighted the increasing integration of traditional financial companies such as Fidelity, BlackRock, PayPal and Visa with cryptocurrency-based companies to offer crypto and blockchain services and products. Long believes that blockchain will not replace banks, but will complement them, providing benefits for both traders and consumers.
Long concluded by saying that while cryptocurrencies have reached the inflection point for mainstream recognition, the breakthrough moment for institutional adoption for real-world use has not yet arrived. Long believes 2024 could be that moment, provided the industry moves forward with a compliance-first mindset.
*This is not investment advice.
