Ripple CEO Brad Garlinghouse has recently made a bold prediction over the future of cryptocurrencies. In a post by Ripple that sort to look at Ripple executive’s predictions of 2020, the CEO was bolder than any other executive. Garlinhouse believes that half of the top 20 banks in the world will hold and trade cryptocurrencies in 2020. He was further one of the many who stated that they believe fiat currencies will go digital in 2020.
His opinion is one of many top analysts and market leaders. Many predictions lean towards cryptocurrencies having a great year in 2020. Fundstrats Tom Lee is one. He believes that Bitcoin, in particular, will have a better year in 2020 than in 2019. Backing this thought is Binance CEO Changpeng “CZ” Zhao who in a recent interview noted this:
“We are also seeing an increasing amount of interest from institutional players which also indicates a more bullish market in 2020.”
Their predictions have been welcome by the crypto community with high expectations set for price action. This is mainly because, particularly for Bitcoin, the asset has had a pretty impressive year. The asset has managed to climb from its lows of $4,000 to reach its year high of $13,000. In recent weeks, its range has been in the $7,000 position which is still impressive given where it began at the turn of the year.
Is Garlinghouse’s Prediction Possible?
Although most are optimistic, Brad Garlinghouse’s prediction remains a wild one. The skepticism around his predictions stems from the fact that currently there is no bank holding or trading cryptocurrencies let alone the top 20. However, a number have shown interest in cryptocurrencies.
Spanish bank Santander, for example, has this year announced it will use Ethereum for bond issuances and completions. In fact, in September, they settled a $20 million bond on Ethereum. As Santander is the 17th largest bank in the world, it is a clear indication that some banks are impressed and interested in the industry. Other banks that have shown interest in Blockchain technology and cryptocurrencies include Deutsche Bank and Dutch bank ING.
One key development that could propel Brad Garlinghouse’s prediction is the release of state-owned cryptocurrencies. As we have covered this extensively, a number of countries are preparing to release their cryptocurrencies. With this, banks could be required to hold and trade digital assets which could include current existing digital assets.