Ledger CEO predicts significant growth in the crypto market

The cryptocurrency market continues to register major gains, and it is currently at the highest levels seen since early March. Bitcoin (BTC/USD) and Ethereum (ETH/USD) are now trading at above $43K and $3000, respectively. The global market cap has also increased.

The CEO and Chairman of Ledger, Pascal Gauthier, appeared in an interview with CNBC, where he stated that the geopolitical situation between Russia and Ukraine and the rising levels of inflation are triggering the crypto market growth.

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Growth of the crypto market

Gauthier noted that despite the recession across the crypto space during the first quarter of 2022, Ledger had recorded the same trend in wallet sales as Q4. In Q4, the cryptocurrency market reached an all-time high with a total market cap of above $3 trillion.

The executive noted that there is currently an influx in the number of people coming into the market. Because of this, the demand for crypto wallets has also grown significantly.

The geopolitical situation between Russia and Ukraine has also created concern over the use of cryptocurrencies to avoid sanctions. The crypto trading volumes from both Russia and Ukraine have grown significantly.

In the case of Ukraine, crypto volumes have increased due to donations, where the country has received more than $50 billion worth of cryptocurrency donations. The growing concern over a depreciating hryvnia has also triggered increased crypto trading volumes.

Crypto is a good exchange of value for the future

Gauthier concluded that crypto was “probably a good exchange of value for the future.” He noted that countries that have faced political tensions have always recorded high trading volumes. With the current situation in Europe, the use of crypto is only expected to grow further as people turn towards stable assets.

The level of global inflation has risen significantly. This has also boosted the demand for cryptocurrencies. In the US, the level of inflation has reached a 40-year high, and the US Federal Reserve is yet to hike the interest rates to tame this. If fiat continues to depreciate, crypto could gain use as a store of value.