The CEO of Ripple is brad garlinghouse, has revised its previous ambitious predictions about the future market capitalization of the crypto industry, admitting that it had underestimated it. A potential surge in the market.
Ripple CEO underestimates cryptocurrency market capitalization
Garlinghouse in a recent interview with Fox Business shine light on About the cryptocurrency market's growth potential and year-to-date performance.
Ripple's CEO was asked about his previous optimistic predictions about the cryptocurrency industry's market capitalization, in which he said: Market capitalization will double to approximately $5 trillion By the end of the year. According to CoinMarketCap, the current global cryptocurrency market capitalization is around $2.25 trillion.
In response to the survey, Garlinghouse expressed his belief that previous predictions were not overly ambitious, stressing: Potential for further market growth. He admitted that he had underestimated the industry's potential market capitalization by the end of 2024, citing factors such as the current situation. Demand and supply dynamics We will promote further increases.
Garlinghouse pointed out that the current market situation has the following characteristics: Increase in demand and decrease in supplythese dynamics play an important role in the performance of cryptocurrencies.
He revealed: Spot Bitcoin ETF Market And the overall sentiment regarding Bitcoin's value has significantly boosted demand for the cryptocurrency. On the other hand, the supply of Bitcoin is decreasing due to an increase in large-scale currency issuance. Investors are rapidly buying cryptocurrencies. Additionally, the impending Bitcoin halving event is expected to further reduce the supply of the cryptocurrency.
Garlinghouse assesses the current state of the cryptocurrency market, stating that since the past six months, Bitcoin has Increased by over 250%, further increases are expected. He also claimed that this overperformance was primarily driven by the approval and launch of the Spot Bitcoin ETF. The upcoming Bitcoin halving.
Regulation is essential for market development
Girling House is Appropriate regulatory framework For the crypto market, there will be positive market outcomes in the future.
He explained that one of the main factors hindering the growth of this evolving market is the general anti-crypto stance in the United States, National enforcement action Issues related to developing industries are “problematic.”
Ripple's CEO highlighted several countries including: dubai, Singapore And that Englandis actively adopting cryptocurrencies and putting in place appropriate regulatory systems to foster further growth of the market.
Garlinghouse argued that the United States has been far behind in recognizing the transformative and innovative impact of the cryptocurrency market, and that the cryptocurrency market is to blame for this setback. U.S. Securities and Exchange Commission (SEC) and current chairman 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
