In a recent interview with Fox Business, Brad Garlinghouse, CEO of Ripple Inc., provided detailed information and forecasts on the cryptocurrency market. Let’s examine the CEO’s thoughts on the future of the cryptocurrency market, focusing on several critical elements, including the upcoming Bitcoin halving, growth potential of the cryptocurrency market, regulatory landscapes and developments Ripple’s strategic strategies for the years to come.
Market implication of Bitcoin halving
With just 22 hours until the Bitcoin halving, Brad Garlinghouse’s first topic is the significant impact of the event on the current US crypto market.
Garlinghouse predicts that the halving, which halves the reward for mining new blocks, will reduce the new supply of Bitcoin, potentially increasing the price if demand remains constant. Scarcity and price surges have been notable in past trends of 2012, 2016 and 2020.
Garlinghouse commented: “You have a falling supply for a whole range of reasons, the halving being a big reason. »
Garlinghouse predicts $5 trillion market cap by 2024
Perhaps Garlinghouse’s most striking prediction was the confirmation of his previous prediction that the crypto market would reach a market cap of $5 trillion.
He said: “The digital asset ecosystem, which currently has a cap of around $2.5 trillion, will reach $5 trillion. »
However, this time it seems that Garlinghouse believes he underestimated the potential of the crypto market. During the interview, Garlinghouse said the cryptocurrency market is poised for significant growth, forecasting to reach a staggering market capitalization of $5 trillion by the end of 2024.
“I don’t even feel like it’s that big of a prediction when you step back and… realize that crypto plays a role as an asset,” he said. He then reflected: “If anything, I think I probably underestimated that. »
This is true because when we look at the market as a whole, not only Bitcoin alone, but also Ether, Solana, altcoins, and meme coins have driven the market much more than Bitcoin. Bitcoin hit its all-time high of $73,350 in March due to inflows into BTC ETFs. But since then, Bitcoin has fallen to $60,000 in April, all because of market fear.
“Washington is still trying to understand the market”
While discussing the growth and acceptance of cryptocurrencies, Garlinghouse also criticized the current US administration’s approach to cryptocurrencies.
Highlighting key figures such as SEC Chairman Gary Gensler, Garlinghouse said: “The world’s largest economy, the United States, has been one of the most problematic for the crypto market. »
Even in one of his previous interviews, the CEO said: “Blockchain cannot “thrive” in a closed network.
Garlinghouse lashed out at Senator Elizabeth Warren, accusing her of spreading misconceptions about the crypto industry. He argued that such restrictive behavior by US regulators had pushed crypto brains from the US to more crypto-friendly countries like Dubai and Singapore.
And after?
Concluding a fiery interview with Fox Business’ Maria Bartiromo, the Ripple CEO mentioned some exciting news for the XRP community. He says Ripple is making significant progress, including launching a dollar-backed stablecoin.
“The blockchain and crypto space is here to stay,” says Garlinghouse, remaining optimistic about the future of crypto, seeing it as an inevitable part of the global financial landscape.