While many players in the cryptocurrency space continue to advocate the use of only a single blockchain, some believe the future will consist of multiple blockchains working together.
From Toronto in 2017 to now, we have taken #RippleSwell all around the world.I ended this year’s event with a fireside chat with CNBC @dan_murphy Discuss how we will move into the next phase of enterprise cryptocurrency adoption with regulatory clarity. 1/2 https://t.co/kXLxeAGaEk
— Brad Garlinghouse (@bgarlinghouse) November 11, 2023
During a themed fireside chat during the Ripple Swell 2023 event in Dubai, Ripple CEO Brad Garlinghouse made various comments, saying he is actively discouraging those who call themselves “extremists” ” person. Ripple CEO said that the world will become multi-chain in the future. He explained:
“I’m very bullish on a bunch of different things happening in the cryptocurrency space. I would certainly actively discourage people from being extremist about any particular cryptocurrency. It’s going to be a multi-chain world.”
In addition to discouraging extremists, the Ripple CEO also spoke about the catalysts he believes could drive further institutional adoption of cryptocurrencies. Garlinghouse believes that two factors may drive the adoption of digital assets by more institutions around the world. This includes having a clear regulatory structure and what he calls “proven effectiveness.”
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Garlinghouse explained that while the United States accounts for approximately 22-23% of the world’s gross domestic product (GDP), the country is “far behind” in terms of regulators setting clear rules for cryptocurrencies. The Ripple CEO said the United States was lagging behind compared to jurisdictions such as Dubai where regulators have engaged constructively with the industry. He explained:
“You know, the United States is way behind in creating these buildings, especially compared to the Dubais of the world. So you have to have frameworks that large institutions can adopt and participate in.”
In addition to clear rules and regulatory engagement, the Ripple CEO believes that further institutional adoption will be driven by demonstrating utility rather than mere speculation. Garlinghouse believes that cryptocurrency speculation is not the end goal. He added: “You also have to prove that it’s practical because if it’s just speculation, then in my mind, this is not the promised land.”
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