Ripple has made a bullish prediction for Bitcoin

Ripple CEO Brad Garlinghouse has predicted a massive rebound for Bitcoin and the crypto market as a whole, with the crypto market looking very good. During the coronary crisis, digital remittances increased by 80 to 100 percent. In a session shared on YouTube, Garlinghouse said that the policies implemented by the Federal Reserve in response to the financial crisis caused by the coronavirus pandemic will have a positive impact on the long-term growth of cryptocurrencies.

It will, I believe, result in the debasement of fiat currencies. And you are seeing that in some emerging markets already, where the exchange rates have started to shift. But even here in the United States, it’s a factor.

Gold has been a safe-haven asset in lots of ways. It did drop during the beginning of the 2008 liquidity crisis, but then you saw it make a big run and I think we’re going to see a similar trajectory and a similar opportunity around the crypto market overall.

Other personalities in the crypto space have shared this view. Among them is Bitcoin bull and investor Mike Novogratz who expects double-digit gains for BTC before the end of the year. BitMEX CEO Arthur Hayes also stated that the inflationary policy will drive Bitcoin at least to its all-time high of $20.000 before the end of 2020.

Ripple reports increase in remittances

On the other hand, Ripple’s CEO referred to the growth he has seen in digital remittances during the pandemic. According to Garlinghouse, while companies with physical operations have seen drops of 40%, Ripple has seen increases of 80% to 100%. Thus, Ripple’s CEO emphasized the advantages of XRP for fast and secure transfers, especially when compared to the traditional financial system:

We are going to continue to focus on how do we use XRP as a really effective tool for payments… We clearly are seeing the lockdown shelter-in-place dynamics have a big impact on cash-first remittance companies. So if you’re unable to go to a physical store, then obviously you should expect that to go down.

But we’ve also seen significant increases in digital-first players. Various public companies have shared decreases of 30% to 40% in their cash-centric business, but we’ve seen increases of 80% to 100% in those that are digital-first, and that obviously has been very good.

Author : Reynaldo