By Leah Hutton (Luxembourg)
The digital currency is spreading on a large scale. However, the government institutions or giant finance companies still feel hesitant to accept the virtual currency in the place of fiat currency. The year 2019 proved to be a good year for the crypto industry as its adoption on a large scale and wide applications of blockchain.
There are many recognized personalities in the finance world who believe that Bitcoin will not take the position of gold as it has not enough potential in itself due to its high volatile nature. They also believe that crypto will not take the place of fiat currency because the role of the third party is important for the regulation and also prevent illegal activities. On the other hand, cryptocurrency assists in illegal activities.
Prediction of Ripple CEO
Over the flip side, there are few in numbers who still have a belief that crypto will down the fiat currency and becomes the future money. In this school of thought, Brad Garlinghouse, the CEO of Ripple expects something big from crypto assets.
Also read:In the blog posted on the official Ripple’s site, Garlinghouse claimed that in 2020, half of the top banks of the world will adopt the digital currency. According to the blog post:
CEO Brad Garlinghouse is even bolder, predicting that half of the top 20 biggest banks in the world will actively hold and trade digital assets in 2020. He is also one of many on the team that believes fiat currencies will go digital in the next year.
Payment Apps will Adopt Blockchain and Crypto
Asheesh Birla, the senior vice president of Ripple predicts that payment apps like PayPal and mobile wallets will integrate blockchain technology and adopt cryptocurrency so that they are able to compete with digital banks. According to him:
Adoption of digital assets and blockchain technology among mobile wallets and super-apps like Gojek, Grab and PayPal will become more mainstream as they look to expand their services to keep up with customer demand and compete with digital banks.
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