Ripple CEO Walks Back $5 Trillion Crypto Marker Prediction, Unveils New Target
19 Abril 2024 - 1:00PM
NEWSBTC
The Chief Executive Officer (CEO) of Ripple, Brad Garlinghouse, has
revised his earlier ambitious prediction on the crypto industry’s
future market capitalization, acknowledging that he had
underestimated the market’s potential surge. Ripple CEO
Underpredicts Crypto Market Cap Appearing in a recent interview
with Fox Business, Garlinghouse shed light on the growth potential
of the cryptocurrency market as well as its performance since the
beginning of the year. The Ripple CEO was questioned about
his previous optimistic forecast for the crypto industry’s market
capitalization, in which he projected that the market cap would
double to approximately $5 trillion by the end of the year.
According to CoinMarketCap, the current global cryptocurrency
market capitalization stands at roughly around $2.25
trillion. Related Reading: Here’s What Would Happen If The
Bitcoin Price Fell Below $58,000 In response to the inquiry,
Garlinghouse expressed his belief that his previous predictions
were not overly ambitious, emphasizing the market’s potential for
further growth. He admitted to underpredicting the industry’s
potential market capitalization by the end of 2024, citing factors
such as the current supply and demand dynamics driving additional
increases. Garlinghouse noted that the current market
conditions are characterized by increased demand and reduced
supply, with these dynamics playing a significant role in the
performance of cryptocurrencies. He disclosed that the Spot
Bitcoin ETF market and the overall sentiment regarding Bitcoin’s
value have significantly boosted demand for the cryptocurrency.
Meanwhile, Bitcoin’s supply is diminishing due to the increasing
number of large-scale investors purchasing the cryptocurrency
rapidly. Additionally, the impending Bitcoin halving event is
expected to further decrease the cryptocurrency’s supply.
Assessing the current state of the crypto market, Garlinghouse
stated that since the last six months, Bitcoin has been up by more
than 250%, with further increases anticipated. He also asserted
that this overperformance was largely driven by the approval and
launch of Spot Bitcoin ETFs as well as the upcoming Bitcoin
halving. Regulations Are Vital For Market Development
Garlinghouse has disclosed that establishing proper regulatory
frameworks for the cryptocurrency market would yield positive
outcomes for the market in the future. He explained that one
of the primary factors hindering the growth of this evolving market
was the United State’s prevailing anti-crypto stance, suggesting
that the country’s enforcement actions on the developing industry
were “problematic.” Related Reading: Goldman Sachs On Bitcoin
Halving: ‘It doesn’t Matter If It’s A Buy The Rumor, Sell The News
Event’ The Ripple CEO highlighted several countries, including
Dubai, Singapore and the United Kingdom, which have been
proactively embracing cryptocurrencies and implementing proper
regulatory systems to foster further growth in the market.
Garlinghouse has asserted that the US has significantly lagged in
recognizing the transformative and innovative impact of the
cryptocurrency market, attributing this setback to the United
States Securities and Exchange Commission (SEC) and its current
Chair, Gary Gensler. Total market cap at $2.2 trillion | Source:
Crypto Total Market Cap on Tradingview.com Featured image from
Bitcoinist, chart from Tradingview.com
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