During an interview with Fox on April 18th, Ripple CEO Brad Garlinghouse expressed his views on the cryptocurrency market. He specifically discussed his prediction that the digital currency market will more than double in size by 2024.
During the interview, Garlinghouse expressed optimism about the future direction of the digital currency market, even with recent market ups and downs. He highlighted important elements like the potential approval of Bitcoin Spot ETFs and the upcoming Bitcoin Halving as reasons for his positive outlook.
Additionally, he highlighted the significance of clear regulations in fostering market expansion and voiced worries about the supposedly hostile attitude of American regulators towards cryptocurrencies.
$5 Trillion Crypto Market Forecast Was ‘Underpredicted’
In a conversation with CNBC, Ripple’s CEO expressed his belief that the value of the cryptocurrency market would nearly double, reaching approximately $5 trillion, by the close of 2024.
By the end of this year, it’s expected that the total value of the cryptocurrency market will likely more than double due to the influence of various macroeconomic factors.
According to Garlinghouse, the launch of the initial US Bitcoin ETFs and the approaching “Halving” event are expected to significantly fuel this expansion.
In a recent interview with Fox on Thursday, Garlinghouse expressed that his previous estimation of a $5 trillion cryptocurrency market could be an underestimation.
Discussed various topics with @MorningsMaria today, including the Bitcoin halving, my views on the crypto market by year-end, and the significance of pro-innovation policies in the US.
— Brad Garlinghouse (@bgarlinghouse) April 18, 2024
According to Garlinghouse, the surge in optimism can be explained by the rising need for cryptocurrencies due to diminishing supplies and escalating institutional investment.
It’s not a surprise when you consider the market dynamics – the supply is dwindling while demand continues to rise, with the ETF playing a significant role in this trend. In essence, my forecast is that it will more than double in value by the year-end. Even then, I believe my estimation might have been too conservative.
Garlinghouse’s Optimism Amidst Regulatory Uncertainty
Despite Bitcoin’s recent price drops, Garlinghouse stayed positive about its future. He pointed to the approval of spot Bitcoin ETFs and the upcoming Halving event as reasons for optimism. According to him, these events would keep boosting Bitcoin’s price trend in the near term.
Garlinghouse additionally pointed out the significant fluctuations in cryptocurrencies during the last week, encouraging investors to keep their perspective on the market’s future growth prospects.
Furthermore, the Ripple CEO expressed concern over the absence of clear regulations in the US, warning that it could pose a challenge to the company’s growth plans.
Garlinhouse pointed out the contrast between countries such as Dubai and Singapore, which welcome cryptocurrencies with clear regulations, and the United States, where the regulatory landscape remains uncertain.
In spite of the obstacles, Garlinghouse remained optimistic about Ripple’s future, especially in markets outside the US where the business is still growing its services.
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2024-04-19 19:42