In a recent interview with Fox Business, Ripple Inc. CEO Brad Garlinghouse provided detailed intel and predictions on the cryptocurrency market. Let’s examine the CEO’s insights into the cryptocurrency market’s future, focusing on several critical elements, including the upcoming Bitcoin halving, the growth potential of the crypto market, regulatory landscapes, and Ripple’s strategic moves for the coming years.
The Market Implication of Bitcoin Halving
With only 22 hours until Bitcoin halving, Brad Garlinghouse’s first topic is the event’s significant impact on the present U.S. crypto market.
Garlinghouse anticipates that the halving, which cuts the reward for mining new blocks in half, will reduce the new supply of Bitcoin, potentially increasing the price if demand remains constant. The scarcity and price surge have been notable in past trends in 2012, 2016, and 2020.
Garlinghouse commented, “You have decreasing supply for a whole bunch of reasons, the halving being an important one.”
Garlinghouse Predicts $5 Trillion Crypto Market Cap by 2024
Perhaps the most striking prediction from Garlinghouse was his confirmation of his previous prediction on the crypto market reaching a $5 Trillion market cap.
He stated, “The digital asset ecosystem which currently has a cap of about $2.5 trillion, will reach $5 trillion.”
However, this time, it seems Garlinghouse feels he has under predicted the potential of the crypto market. During the interview, Garlinghouse expressed that the cryptocurrency market is poised for significant growth, anticipating reaching a staggering $5 trillion market cap by the end of 2024.
“I don’t even feel like it’s that big a prediction when you step back and… realize that crypto plays a role as an asset,” he stated. He later reflected, “if anything, I think I probably underpredicted that.”
That is true because when we look at the broader market, not only Bitcoin alone but also ether, Solana, altcoins, and meme coins have been driving the market far more than Bitcoin. Bitcoin hit its all-time high of $73,350 in March because of BTC ETF inflows. But since then, Bitcoin has fallen to $60K 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 U.S. administration’s approach towards cryptocurrency.
Pointing out key figures such as SEC Chair Gary Gensler, Garlinghouse remarked, “The largest economy in the world, the United States, has been one of the most problematic for the crypto market,”
Even in one of his previous interviews, the CEO commented, “Blockchain cannot ‘thrive’ in a closed network.”
Garlinghouse took a jab at Senator Elizabeth Warren, criticizing her for spreading misconceptions about the crypto industry. He argued that such restrictive behavior from the U.S. regulators had driven crypto heads from the U.S. to more crypto-friendly countries like Dubai and Singapore.
What’s Next?
Concluding a fiery interview with Fox Business’s Maria Bartiromo, the Ripple CEO mentioned some exciting news for the XRP community. He says that Ripple is driving towards significant advancements, notably by launching a USD-backed stablecoin.
“The blockchain and crypto space is here to stay,” Garlinghouse says, remaining bulling on the future of crypto, seeing it as an inevitable part of financial landscapes globally.
