- Garlinghouse revised his prediction, citing supply-demand dynamics for potential market doubling by year-end
- Ripple’s CEO criticized lag in U.S crypto regulations
The upcoming Bitcoin halving has generated significant buzz, causing much excitement and optimism in the crypto community. Many believe that this event could lead to new record highs for Bitcoin and the overall cryptocurrency market. Brad Garlinghouse, CEO of Ripple Labs, is among those who have increased their expectations, previously predicting a $5 trillion market capitalization by year-end, but now aiming for an even higher target.
In a recent interview with Fox Business, Garlinghouse said,
“I think, I probably under-predicted that.”
What’s driving the crypto-market?
Ripple’s CEO explained why his previous forecast about the cryptocurrency market was correct by discussing the key factors influencing it. He highlighted how decreasing supplies from occurrences like halving were being offset by surging demands, particularly driven by the introduction of ETFs.
Additionally, he emphasized the increasing acceptance of cryptocurrencies as a significant investment category. With a market value of around $2.5 trillion at present, he suggested that his earlier prediction of reaching $5 trillion by the end of the year could be underestimated.
“The market could potentially double by the end of the year.”
This highlights the intricate relationship between various influencing elements in the market and the need to take into account both immediate changes and ongoing patterns.
Is the United States curbing the crypto-market?
Furthermore, Garlinghouse expressed confidence that Washington would have a favorable stance towards cryptocurrency regulations despite apprehensions about possible obstacles in the legislation. He stated,
“The United States has been one of the most problematic for the crypto-market.”
He added,
“Crypto regulation has advanced significantly in places like Dubai, Singapore, the UK, and the EU. In contrast, the US has yet to make significant strides in this area.”
The executive expresses concern that the US is falling behind other nations in making regulatory headway and fostering productive relationships with the cryptocurrency sector. At the same time, he takes issue with Senator Elizabeth Warren’s portrayal of crypto users as nefarious individuals.
He also recommended that the US adopt a cryptocurrency policy that is both supportive of innovation and compliance, and which is not a matter of political affiliation.
XRP’s future outlook
To clarify, the CEO of Ripple announced plans for releasing a stablecoin pegged to the US dollar on both the XRP Ledger and Ethereum.
“Ripple serves as a connector between the new world of cryptocurrencies and the traditional financial system, often referred to as ‘traditional finance’. People use the term ‘trade-fi’ to describe this connection.”
The rise in XRP‘s value by 2%, just prior to Bitcoin’s halving, showcases growing trust among XRP users. This trend is further underscored by investors’ continued confidence in XRP’s future direction, as indicated by persistent high levels of positive chatter about the cryptocurrency.
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2024-04-19 23:04