Brad Garlinghouse, CEO of Ripple, has changed his earlier predictions about how much the cryptocurrency market will be worth in the future. He admits that he underestimated how much it could grow.
In a recent interview with Fox Business, Garlinghouse talked about how the cryptocurrency market has been doing since the beginning of the year and how it plans to keep expanding.
Garlinghouse discussed his earlier optimistic prediction that the market cap would double to about $5 trillion by the end of the year. CoinMarketCap states that the present value of all cryptocurrencies in circulation is around $2.25 trillion. This made people wonder if his original predictions were realistic.
In reaction, Garlinghouse defended his earlier predictions, saying that they were not too optimistic because the market could still grow. He accepted that he was mistaken about how much the industry’s market could be worth by the end of 2024. He said that this mistake was caused by things like the way supply and demand work.
Ripple CEO Analyzes Market Trends
The CEO of Ripple pointed out that the current market conditions are marked by high demand and low supply, which have an enormous impact on how well cryptocurrencies do. He talked about the effect of the Spot Bitcoin ETF market and how people’s views on Bitcoin’s value were changing. He said that rapid purchases by institutional buyers had increased demand while reducing supply.
Looking at how the market has been moving lately, Garlinghouse pointed out that Bitcoin’s price has gone up 250% in the last six months, and he believes it will continue to grow. He said that this momentum was caused by the start and approval of Spot Bitcoin ETFs, as well as the upcoming event that will split Bitcoin in half.
Garlinghouse stressed how important it was to set up regulatory systems that would help the cryptocurrency market grow. He disliked how people in the US generally object to crypto, pointing out legal problems caused by groups like the Securities and Exchange Commission (SEC) and its head, Gary Gensler.
Garlinghouse pointed out that countries like Dubai, Singapore, and the UK have accepted cryptocurrencies and put in place legal measures that help the market grow, which is different from this view. He complained that the U.S. had been slow to see how the bitcoin market could change things, saying that this was because of problems with regulations.
