Crypto adoption in 2020 will increase significantly, says Ripple CEO Brad Garlinghouse. In his official blog post, Ripple Insights, he has many other rather bold predictions for the upcoming year. One of the most significant claims he made is that more than half of the top banks in the world will be involved in cryptocurrency transactions. If it turns out true, it will significantly improve the crypto adoption across the world.
Many of the top financial institutions in the world will adopt cryptocurrency for transactions in 2020. Brad mentions that out of the top twenty largest banks in the world, next year, more than half of them would be actively trading in digital assets. That is one statement readers must take with a pinch of salt.
Crypto adoption in 2020 to spurt other bold predictions
Though lofty, this statement does have an iota of truth considering some recent events. Banks are certainly getting cosy with crypto these days. Cryptocurrency exchange Gemini recently joined hands with an established bank in the United States, State Street. However, State Street is not actively trading virtual currency. The deal allows its clients to store Bitcoin with Gemini and access reporting using State Street channels.
Central bank digital currencies coming in 2020
Brad Garlinghouse is pretty sure that many central bank digital currencies are coming in 2020. The foremost amongst them would be China’s digital Renminbi. The communist country is making strident efforts to launch its digital Yuan and give a direct competition to the global US dollar hegemony.
Facebook’s Libra is slated to be next in line! Facebook Libra is struggling with regulatory concerns with many countries and may have to sort them out before the launch. South Korean digital currency is on the way too. South Korean telecommunications giant KT is planning to launch its virtual currency in December 2019. European Central Bank and Russia are also planning similar events in the coming year.
However, he mentioned that too many digital coins without any use could prove counter-productive. When governments issue their digital currencies, they must have appropriate use for it too. A quick shift to digital currencies can lead to chaos in the traditional financial realm. Crypto adoption in 2020 must be healthy as well.
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