Brad Garlinghouse, CEO of Ripple, has adjusted his previous bold forecast about the crypto industry’s future market value, recognizing now that he had underestimated its potential growth.
Ripple CEO Underpredicts Crypto Market Cap
In a recent interview with Fox Business, Garlinghouse discussed the expanding opportunities within the cryptocurrency market and its developments so far in 2023.
The CEO of Ripple was asked about his earlier prediction that the crypto industry’s market value would reach $5 trillion by the end of the year, which is currently twice its size at approximately $2.25 trillion according to CoinMarketCap.
In reply to the question, Garlinghouse stated that his earlier forecasts were not too exaggerated, highlighting the market’s capacity for more expansion. He acknowledged having underestimated the industry’s worth by the end of 2024, attributing it to the current market trends pushing up values further.
Garlinghouse pointed out that the present market situation is marked by heightened demand and diminished supply, making a substantial impact on cryptocurrency prices.
The revelation that the Spot Bitcoin ETF market and widespread positive views on Bitcoin’s worth have fueled a substantial increase in demand for the cryptocurrency. At the same time, Bitcoin’s inventory is shrinking as an growing number of major investors snap up the digital currency at an accelerated pace. Furthermore, the upcoming Bitcoin halving is predicted to lead to even less supply available.
According to Garlinghouse’s analysis of the crypto market, Bitcoin has surged by over 250% in the past six months. He believes that this significant growth may continue due to the recent approval and debut of Spot Bitcoin Exchange-Traded Funds (ETFs), as well as the upcoming Bitcoin halving event.
Regulations Are Vital For Market Development
According to Garlinghouse, having the right regulations in place for the cryptocurrency market could lead to beneficial results for it in the long run.
The US’s opposition to cryptocurrencies was identified by him as one of the major obstacles impeding market expansion. He pointed out that the country’s regulatory actions against the burgeoning industry were causing “complications.”
The CEO of Ripple pointed out a few nations, such as Dubai, Singapore, and the UK, that have actively welcomed cryptocurrencies and established effective regulations to encourage expansion within the market.
Garinghouse believes that the US has fallen behind other countries in appreciating the revolutionary influence of the cryptocurrency sector, blaming the delay on the Securities and Exchange Commission (SEC) and its present leader, Gary Gensler.
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2024-04-19 21:04