Ripple CEO Claims He Underpredicted $5T Crypto Market Cap Prediction

Ripple CEO on Crypto Market Cap

Over a week ago, Garlinghouse voiced his positive stance towards the broad crypto market, citing a potential doubling in size by the end of 2024. 

He stated that the digital asset ecosystem which currently has a cap of about $2.5 trillion, will reach $5 trillion. Decreasing the supply and increasing demand for Bitcoin were listed by the Ripple CEO as the drivers of this upcoming surge.

Ripple’s CEO confirmed that crypto has been up for a while but also dropped slightly this past weekend.

However, he believes that on a large scale, the broader market has performed better than in the past years. Since the beginning of 2024, the market has registered a significant rise of 60% in its performance, with assets like Bitcoin up by 250% within the same time. 

Covered a lot of ground with @MorningsMaria today – the BTC halving, my predictions for the crypto market by EOY, how pro-innovation policies in the US will prevail (step 1 – replace the SEC leadership and step 2 – Elizabeth Warren’s staff should read some actual facts on crypto… https://t.co/1EB59xUB7J

— Brad Garlinghouse (@bgarlinghouse) April 18, 2024

A few of the activities that Brad Garlinghouse expects to serve as catalysts for Bitcoin price and by extension; the crypto market include spot Bitcoin ETF and the halving event. 

U.S. Government Stemming Crypto Innovation

Moving on, Garlinghouse highlighted that the United States has been quite problematic for the crypto market. 

When compared to nations like Dubai, the UK, Singapore, and even the European Union, the U.S. appears to be lagging in terms of crypto legislation. The U.S. Securities and Exchange Commission (SEC) under Gary Gensler’s administration, was mentioned as the leader of the anti-crypto stance that the U.S. has taken.

Politicians like Senator Elizabeth Warren have also been reprimanded for their criticism of digital assets. 

Consequently, the Ripple CEO encouraged the U.S. government to implement a pro-innovation and pro-compliance policy that would help in growing the economy of the nation.