2024-04-19 20:08:23
- Garlinghouse revised its prediction, citing supply and demand dynamics for the potential market to double by the end of the year.
- The Ripple CEO criticized delays in US crypto regulations
Bitcoin [BTC] The halving understandably clogs up the news cycle, with anticipation linked to the event which has skyrocketed in recent days and weeks. Needless to say, optimism is also high, with many expecting Bitcoin and the rest of the cryptocurrency market to reach new heights. Then Labs CEO Brad Garlinghouse is no different, looking to revise his earlier prediction of a $5 trillion market cap by the end of the year.
In a recent interview with Fox Business, Garlinghouse said,
– I think I probably underestimated him.
What drives the cryptocurrency market?
Justifying his earlier prediction, the Ripple CEO shed light on the fundamental drivers of the crypto market. He noted the impact of reduced supply due to events such as the halving, along with increasing demand, particularly driven by ETFs.
He also highlighted the growing recognition of cryptocurrencies as a valuable asset class. Indeed, reflecting on the current market cap of $2.5 trillion, he suggested that his earlier forecast of $5 trillion by the end of the year may have been conservative.
“The market might potentially double by the end of the year.”
This emphasizes the complex interaction between factors that drive the market and the importance of considering both short-term fluctuations and long-term trends.
Is the US Holding Back the Cryptocurrency Market?
Despite concerns regarding potential obstacles to legislation, Garlinghouse remains optimistic regarding Washington’s intentions regarding crypto regulations. He said,
“The US has been one of the most problematic countries for the crypto market.”
He added,
“Dubai, Singapore, even the UK and EU have seen legislative progress. The US has really been ‘behind the 8 ball’ on cryptocurrencies.
The executive believes that the US lags behind other countries in terms of regulatory progress and constructive engagement with the cryptocurrency market. In doing so, he also criticized Senator Elizabeth Warren’s characterization of cryptocurrency users as “bad actors.”
Additionally, he advocated for the United States to have a “pro-innovation” and “pro-compliance” cryptocurrency policy, and for it to “not be a partisan issue.”
XRP Future Outlook
Finally, Ripple’s CEO shed some light on the launch of one USD-backed Stablecoin on XRPL and Ethereum,
“Ripple has always been a bridge between this new world and the traditional world. “People call it ‘trade-fi’.”
This demonstrates growing confidence among XRP users, evident in the 2% increase in the value of XRP just prior to the Bitcoin halving. Investors remain optimistic regarding XRP’s trajectory, reflected in the persistently high levels of positive sentiment surrounding the cryptocurrency.
This is an automatic translation of our English version.
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