Ripple CEO Forecasts Crypto Market Doubling to $5 Trillion by Year-End
The post Ripple CEO Forecasts Crypto Market Doubling to $5 Trillion by Year-End appeared first on Coinpedia Fintech News
In a bold projection made on CNBC, Ripple CEO Brad Garlinghouse has anticipated substantial growth in the cryptocurrency market, with its total capitalization potentially reaching $5 trillion by the end of 2024.
Garlinghouse has grounded his optimistic outlook in various macroeconomic factors, including the recent approval of the first U.S. spot Bitcoin ETFs and the upcoming Bitcoin “halving.”
Market Expansion Driven by Institutional Adoption
Garlinghouse highlighted the first macroeconomic change: the growing participation of institutional investors in the cryptocurrency market ever since the launch of spot Bitcoin ETFs.
“I’ve been around this industry for a long time, and I’ve seen these trends come and go,” Garlinghouse told CNBC. I’m very optimistic. I think the macro trends, the big picture things like the ETFs, are driving real institutional money for the first time.”
Crypto coin ETFs have been a game changer in the market since they enable institutional and retail investors to access Bitcoin without direct ownership.
Furthermore, the impending Bitcoin halving event, which is scheduled to take place this year (after 4 years), was preceded by the Bitcoin Cash halving earlier this month. Historical trends have shown us that Bitcoin halving affects the market dynamics and has pushed up the price of Bitcoin to a new ATH. The halving reduces the reward to Bitcoin miners, thus decreasing the available supply of new bitcoins.
“You’re seeing that drives demand, and at the same time demand is increasing, supply is decreasing,” Garlinghouse said. “That doesn’t take an economics major to tell you what happens when supply contracts and demand expands.”
Positive Regulatory Momentum
Garlinghouse has also pointed out that changes in the current regulatory approach by the United States regulatory departments to a more potentially positive and understanding approach might act as a catalyst for market growth.
“One of the things I’ll say on the macro tailwinds for the industry: I think we will get more clarity in the United States,” Garlinghouse said. “The U.S. is still the largest economy in the world, and it’s unfortunately been one of the more hostile crypto markets. And I think that’s going to start to change, also.”
It was quite unexpected to hear from the CEO of Ripple, whose company has been fined a staggering $1.95 billion in fines and penalties, far exceeding the amount they have gained as profits in the sale of unregistered XRPs.
Ripple Whales Moves Price of XRP
Soon after the SEC’s motion to impose a $2 billion fine on Ripple, the crypto market witnessed significant volatility in the price of XRP.
Ripple whale investors promptly initiated a selling spree, offloading over 290 million XRP coins worth approximately $180 million. This substantial sell-off pushed the prices further down, leading to a 13% decline since March 29.
XRP price will likely consolidate around $0.60 in the upcoming days, duly pending a decisive breakout above critical resistance levels.
If Garlinghouse’s forecast materializes, the cryptocurrency market will experience exponential growth, reaching a new milestone of $5 trillion in total capitalization.
Nonetheless, Garlinghouse’s bullish sentiment aligns with those of other industry insiders, such as Marshall Beard, COO of Gemini exchange, who predicted a surge in Bitcoin prices to $150,000 later this year. The confluence of factors, including regulatory clarity, ETF adoption, and supply dynamics, fuels optimism for sustained market growth.
Read More
Ripple CEO Forecasts Crypto Market Doubling to $5 Trillion by Year-End
The post Ripple CEO Forecasts Crypto Market Doubling to $5 Trillion by Year-End appeared first on Coinpedia Fintech News
In a bold projection made on CNBC, Ripple CEO Brad Garlinghouse has anticipated substantial growth in the cryptocurrency market, with its total capitalization potentially reaching $5 trillion by the end of 2024.
Garlinghouse has grounded his optimistic outlook in various macroeconomic factors, including the recent approval of the first U.S. spot Bitcoin ETFs and the upcoming Bitcoin “halving.”
Market Expansion Driven by Institutional Adoption
Garlinghouse highlighted the first macroeconomic change: the growing participation of institutional investors in the cryptocurrency market ever since the launch of spot Bitcoin ETFs.
“I’ve been around this industry for a long time, and I’ve seen these trends come and go,” Garlinghouse told CNBC. I’m very optimistic. I think the macro trends, the big picture things like the ETFs, are driving real institutional money for the first time.”
Crypto coin ETFs have been a game changer in the market since they enable institutional and retail investors to access Bitcoin without direct ownership.
Furthermore, the impending Bitcoin halving event, which is scheduled to take place this year (after 4 years), was preceded by the Bitcoin Cash halving earlier this month. Historical trends have shown us that Bitcoin halving affects the market dynamics and has pushed up the price of Bitcoin to a new ATH. The halving reduces the reward to Bitcoin miners, thus decreasing the available supply of new bitcoins.
“You’re seeing that drives demand, and at the same time demand is increasing, supply is decreasing,” Garlinghouse said. “That doesn’t take an economics major to tell you what happens when supply contracts and demand expands.”
Positive Regulatory Momentum
Garlinghouse has also pointed out that changes in the current regulatory approach by the United States regulatory departments to a more potentially positive and understanding approach might act as a catalyst for market growth.
“One of the things I’ll say on the macro tailwinds for the industry: I think we will get more clarity in the United States,” Garlinghouse said. “The U.S. is still the largest economy in the world, and it’s unfortunately been one of the more hostile crypto markets. And I think that’s going to start to change, also.”
It was quite unexpected to hear from the CEO of Ripple, whose company has been fined a staggering $1.95 billion in fines and penalties, far exceeding the amount they have gained as profits in the sale of unregistered XRPs.
Ripple Whales Moves Price of XRP
Soon after the SEC’s motion to impose a $2 billion fine on Ripple, the crypto market witnessed significant volatility in the price of XRP.
Ripple whale investors promptly initiated a selling spree, offloading over 290 million XRP coins worth approximately $180 million. This substantial sell-off pushed the prices further down, leading to a 13% decline since March 29.
XRP price will likely consolidate around $0.60 in the upcoming days, duly pending a decisive breakout above critical resistance levels.
If Garlinghouse’s forecast materializes, the cryptocurrency market will experience exponential growth, reaching a new milestone of $5 trillion in total capitalization.
Nonetheless, Garlinghouse’s bullish sentiment aligns with those of other industry insiders, such as Marshall Beard, COO of Gemini exchange, who predicted a surge in Bitcoin prices to $150,000 later this year. The confluence of factors, including regulatory clarity, ETF adoption, and supply dynamics, fuels optimism for sustained market growth.
Read More