In a private conversation with FOX Business, Ripple‘s CEO Brad Garlinghouse admitted that his prediction of a $5 trillion cryptocurrency market cap by the end of this year was too conservative.
Ripple CEO on Crypto Market Cap
About a week ago, Garlinghouse expressed optimism about the entire cryptocurrency industry, predicting that it could nearly double in value by the close of 2024.
The Ripple CEO predicted that the value of the digital asset market, currently worth approximately $2.5 trillion, will grow to reach $5 trillion in the future. He identified decreasing supply and rising demand for Bitcoin as the primary causes of this anticipated expansion.
The CEO of Ripple acknowledged that cryptocurrencies have been rising for some time, but experienced a minor decrease over the weekend.
Despite holding the opinion that the overall market has outperformed previous years on a grand scale, he asserts that since early 2024, it has experienced a substantial surge of approximately 60%. During this period, assets such as Bitcoin have seen a remarkable increase of around 250%.
In our conversation with @MorningsMaria today, we discussed various topics related to Bitcoin and the cryptocurrency market. I shared my views on the upcoming BTC halving and my predictions for the market by the end of the year. Additionally, I expressed my belief that pro-innovation policies in the US will take shape. The first step would be a change in leadership at the SEC, followed by Elizabeth Warren’s team gaining a better understanding of factual information about crypto.
— Brad Garlinghouse (@bgarlinghouse) April 18, 2024
The price of Bitcoin reached an all-time high of $73,350 in March, but it has since decreased and is now worth $63,393.78 – a considerable drop from its previous peak.
Some events that Brad Garlinghouse believes will significantly influence Bitcoin’s price and, consequently, the crypto market are the approval of a Bitcoin Spot ETF and the upcoming halving event.
U.S. Government Stemming Crypto Innovation
Subsequently, Garlinghouse pointed out that the US has posed significant challenges for the cryptocurrency market.
According to Garlinghouse, President Biden’s administration is directly responsible for the challenges faced by the industry due to its rigorous regulatory oversight and rules.
In contrast to countries such as Dubai, the UK, Singapore, and the European Union, the US seems less advanced when it comes to crypto regulations. The Securities and Exchange Commission (SEC) in the US, headed by Gary Gensler, is well-known for its opposition to cryptocurrencies, giving the US a more restrictive stance on crypto legislation.
Some politicians, including Senator Elizabeth Warren, have faced consequences for speaking critically against digital assets.
As a result, the Ripple CEO advocated for a forward-thinking and compliant government policy towards innovation, which could boost the US economy.
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2024-04-19 10:21