Sendi Young, Managing Director of Ripple Labs, is optimistic about crypto in 2023 and is looking forward to what it has in store for investors and firms this year.
Positive Stance On Crypto In 2023
According to Young, 2022 was a tense year for the sector, with instability and volatility in the market space. Despite the worsening bear market, she predicts widespread adoption of cryptocurrency this year.
In an excerpt from her tweet, she stated that 2022 was a chaotic and momentous year for cryptocurrency, with many ups and downs for the industry. She acknowledged that it is quite difficult to forecast what will occur this year, but she insists that she maintains an optimistic outlook on the industry.
Young added that this year will see rapid adoption of cryptocurrency’s blockchain technology by industries outside of the cryptocurrency sphere.
As more industries investigate the blockchain technology’s utilities, this adoption will advance its technology.
She also believes that the cryptocurrency industry will work to remedy the system’s gaps and flaws; and traditional services will utilize the blockchain technology more frequently to improve their operations.
Also read:Finally, she believes that the crypto industry will face further regulatory scrutiny this year, calling for tighter regulations on crypto firms in order to stop some of the events from last year from happening again this year.
Tackle Carbon Emission
Young also advocates for the use of carbon credits in block chains that utilize less energy. The first blockchain to include a carbon free mechanism was XRPL.
Because of its use cases, it is significantly more effective and practical than proof-of-work consensus. This carbon-free adoption helps to reduce harmful carbon dioxide emissions in the environment.
In terms of carbon emissions, the Ripple organization also announced a $100 million commitment to combat the discharge of poisonous gases that cause climate change.
Young believes that Central Bank Digital Currency will be implemented in most countries this year. This is highly feasible, as several countries have successfully launched their pilot programs on a large scale, with some receiving excellent feedback from testers and citizens.
Young expects that, in addition to CBDC, there will be widespread acceptance of stablecoins tied to fiat currencies, such as Tether USDT and USDC.
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