Ripple’s SVP of Product and Corporate Development, Asheesh Birla, has observed that the common denominator pushing the price of Bitcoin and XRP is majorly the global uncertainty with fiat currencies.
The blockchain payment expert tendered this observation in a 7-path thread centered on yesterday’s Bitcoin’s price boom which generally impacted the crypto ecosystem and at the same time pushed the price of some digital assets to their year-to-date high price.
The Ripple official mentioned that it was already a few weeks after the Office of the Comptroller of the Currency (OCC) permitted banks to get involved in Bitcoin, and now, the digital asset crossed its year-to-date price of $12,010. At the time of filing this report, a unit of Bitcoin is worth $12,300.
In the same line, Asheesh mentioned that Decentralized Finance (DeFi) is booming with diverse ideas thrown into the digital space.
He as well talked about how the futures products are soaring, and how adjusted transaction value for stablecoins hits an all-time high and some other good news about the cryptocurrency space these few weeks.
The Ripple employee was sure that the major reason behind the growth of the cryptocurrency market entirely was the global uncertainty with fiat currencies and how the cryptocurrency industry is now focused on utility and staying out of “just speculation,” which was the other of the day.
There’s, like never before, a major focus on asset’s use cases and tangibility, and these have largely pushed the price of Bitcoin, he mentioned.
While pleading that crypto users exercise patience, Asheesh foresees banks offering crypto custody services, and buy over firms in the crypto lending realm. He said soon, banks across the world will start offering crypto lending services as the interest of consumers in DeFi increases.
As centralized exchanges like Binance and Coinbase begin to offer fiat on and off-ramps, decentralized exchanges are gaining wide prominence among crypto users, he noted.
Asheesh also reflected on how stablecoins are becoming the go-to for crypto users, he said their success could be linked to how they give people access to USD without having a bank account.
Beyond stablecoins, the crypto expert said the potential of blockchain technology is numerous, and Ripple’s On-Demand Liquidity (ODL), for example, makes use of XRP as a bridge currency for close to a fifth of all transactions on RippleNet, a solution developed by Ripple for cross-border payment.