Brad Garlinghouse, CEO of blockchain payments firm Ripple Labs Inc, has highlighted the surging volumes of Bitcoin (BTC) Exchange-Traded Funds (ETFs) and the imminent halving event, noting their significant influence on the broader cryptocurrency market.

Garlinghouse highlighted the historical pattern of the crypto market following BTC’s lead, a trend observed across multiple market cycles. He, however, maintains that only Real World Assets (RWA) can sustain the hype around crypto.

Ripple CEO and RWA Embrace

Drawing from his experience traversing various crypto market cycles, the Ripple CEO emphasized the importance of coupling bullish market sentiment with real-world utility. He stressed that while bullish trends are promising, they must align with tangible applications and utility in the real world to signify genuine progress within the cryptocurrency ecosystem.

BTC ETF volumes have been soaring, we’re due for a halving and the broader crypto market is following BTC’s lead (as has historically been the case). As someone who has experienced multiple cycles of “crypto is back” it’s imperative this bullishness go hand in hand with…

— Brad Garlinghouse (@bgarlinghouse) March 11, 2024

Meanwhile, in anticipation of next month’s halving events, Bitcoin’s price has surged to an all-time high above $72,000, propelling it into the top eight assets worldwide, surpassing Silver.

Garlinghouse’s remarks reflect a broader industry sentiment regarding the evolution of cryptocurrencies beyond speculative trading and price movements. As the cryptocurrency market matures, stakeholders are increasingly recognizing the importance of real-world use cases and adoption in driving sustained growth and legitimacy within the industry.

Ripple Is Playing Key Role in Driving Real World Adoption

The Ripple CEO’s support for real-world functionality resonates with the company’s goal of streamlining cross-border payments and enabling smooth transactions through blockchain technology. Ripple prioritizes practical applications that provide financial institutions with a cost-efficient means to exchange both crypto and fiat currencies, leveraging blockchain for tangible solutions that tackle real-world obstacles.

Other digital assets with similar functionality include Ethereum and Bitcoin. In addition to its role as a digital currency, Ethereum possesses the capability to conduct various financial transactions, enact smart contracts, and serve as a data repository for third-party applications. Bitcoin on the other hand, serves mainly as a means to store value and conduct transactions.

As the cryptocurrency market continues to evolve, Garlinghouse’s emphasis on the intersection of bullish market sentiment and real-world utility serves as a reminder of the importance of practical applications in driving long-term sustainability and growth within the industry.

The post Ripple CEO: Only RWA Can Validate “Crypto is Back” Hype appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am