Ripple’s (XRP) Europe General Manager, Sendi Young, cryptocurrency He is very optimistic about what he can bring for his industry.
Ripple Manager Speaks Optimistly for 2023
According to Young, 2022 has been an unforgettable year for crypto with “many ups and downs”. Interestingly, Young predicts greater adoption of cryptocurrencies this year, despite the industry problems that marked the previous year.
First, in 2023, institutional adoption of blockchain and digital assets could accelerate as companies launch pilots and continue to explore this technology, according to Young.
2022 was a monumental year for #crypto with many highs and many lows. It’s a tough industry to forecast, but I wanted to share my predictions for what we can expect from crypto over the next 12 months. Let me know what you think! 💡
— Sendi Young (@sendiyoung) January 9, 2023
Second, Young predicts consolidation in the crypto industry will increase as healthier companies make acquisitions to fill gaps. Third, there may be an increasing trend in 2023 for crypto and blockchain firms to be acquired by traditional financial services companies as well as well-established companies in other industries.
Fourth, Ripple’s senior executive expects continued scrutiny of cryptocurrencies and blockchain’s sustainability credibility by consumers and policy makers. He believes greater sustainability will be achieved with blockchain-powered solutions such as blockchains that consume less energy and the tokenization of carbon credits.
Young believes CBDCs will mature by 2023, as several countries outside of Europe have already committed to launching pilots. Ripple has made progress in this regard, with its notable partnership with the central bank of Bhutan for a central bank digital currency (CBDC) pilot.
According to Young, 2023 will also see greater adoption of fiat-backed stablecoins as institutions realize the greater benefits of blockchain technology, such as real-time vendor payments.
*Not investment advice.
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