United

Bitcoin ETF

Trillion

The Chief Executive Officer (CEO) of Ripple, <a href="https://bitcoinist.com/ripple-ceo-crypto-market-to-hit-5-trillion/" rel="nofollow">Brad Garlinghouse</a>, has revised his earlier ambitious prediction on the crypto industry’s future market capitalization, acknowledging that he had underestimated the <a href="https://bitcoinist.com/analyst-set-8-trillion-target-for-crypto-market-cap/" rel="nofollow">market’s potential surge.</a>&nbsp; 
<h2 id="ripple-ceo-underpredicts-crypto-market-cap">Ripple CEO Underpredicts Crypto Market Cap</h2> 
Appearing in a recent interview with Fox Business, Garlinghouse <a href="https://x.com/bgarlinghouse/status/1781051002512183481?s=46" rel="nofollow">shed light</a> on the growth potential of the cryptocurrency market as well as its performance since the beginning of the year.&nbsp; 
The Ripple CEO was questioned about his previous optimistic forecast for the crypto industry’s market capitalization, in which he projected that the <a href="https://www.newsbtc.com/analysis/xrp/ripple-ceo-5-trillion-in-2024/">market cap would double to approximately $5 trillion</a> by the end of the year. According to CoinMarketCap, the current global cryptocurrency market capitalization stands at roughly around $2.25 trillion.&nbsp; 
In response to the inquiry, Garlinghouse expressed his belief that his previous predictions were not overly ambitious, emphasizing the <a href="https://bitcoinist.com/total-crypto-market-cap-to-hit-7-5-trillion-next-year/" rel="nofollow">market’s potential for further growth</a>. He admitted to underpredicting the industry’s potential market capitalization by the end of 2024, citing factors such as the current <a href="https://bitcoinist.com/prepare-for-the-bitcoin-supply-shock-crypto-guru/" rel="nofollow">supply and demand dynamics</a> driving additional increases.&nbsp; 
Garlinghouse noted that the current market conditions are characterized by <a href="https://bitcoinist.com/will-bitcoin-burst-demand-outpaces-supply/" rel="nofollow">increased demand and reduced supply</a>, with these dynamics playing a significant role in the performance of cryptocurrencies.&nbsp; 
He disclosed that the <a href="https://bitcoinist.com/without-spot-bitcoin-etfs-btc-down-20-founder/" rel="nofollow">Spot Bitcoin ETF market </a>and the overall sentiment regarding Bitcoin’s value have significantly boosted demand for the cryptocurrency. Meanwhile, Bitcoin’s supply is diminishing due to the increasing number of large-scale<a href="https://bitcoinist.com/bitcoin-struggle-analytics-firm-reveals-whales/" rel="nofollow"> investors purchasing the cryptocurrency rapidly</a>. Additionally, the impending Bitcoin halving event is expected to further decrease the cryptocurrency’s supply.&nbsp; 
Assessing the current state of the crypto market, Garlinghouse stated that since the last six months, Bitcoin has <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-consolidates-70k/">been up by more than 250%</a>, with further increases anticipated. He also asserted that this overperformance was largely driven by the approval and launch of Spot Bitcoin ETFs as well as the <a href="https://bitcoinist.com/three-days-to-bitcoin-halving-event-new-projects-with-massive-return-potential/" rel="nofollow">upcoming Bitcoin halving.&nbsp;</a> 
<h2 id="regulations-are-vital-for-market-development">Regulations Are Vital For Market Development</h2> 
Garlinghouse has disclosed that establishing <a href="https://bitcoinist.com/us-congress-grills-yellen-on-crypto-regulation/" rel="nofollow">proper regulatory frameworks</a> for the cryptocurrency market would yield positive outcomes for the market in the future.&nbsp; 
He explained that one of the primary factors hindering the growth of this evolving market was the United State’s prevailing anti-crypto stance, suggesting that the <a href="https://bitcoinist.com/sec-commissioner-crypto-regulation-enforcement/" rel="nofollow">country’s enforcement actions</a> on the developing industry were “problematic.” 
The Ripple CEO highlighted several countries, including <a href="https://bitcoinist.com/dubai-welcomes-crypto-exchange-deribit-with-license/" rel="nofollow">Dubai</a>, <a href="https://bitcoinist.com/singapore-steps-up-crypto-regulation-mas-implements/" rel="nofollow">Singapore</a> and the <a href="https://bitcoinist.com/crypto-regulations-on-the-horizon-uk-prepares/" rel="nofollow">United Kingdom</a>, which have been proactively embracing cryptocurrencies and implementing proper regulatory systems to foster further growth in the market.&nbsp; 
Garlinghouse has asserted that the US has significantly lagged in recognizing the transformative and innovative impact of the cryptocurrency market, attributing this setback to the <a href="https://bitcoinist.com/heightened-crypto-scrutiny-secs-2024-plans/" rel="nofollow">United States Securities and Exchange Commission (SEC)</a> and its current Chair, Gary Gensler. 
<img loading="lazy" decoding="async" class="aligncenter" src="https://www.tradingview.com/x/vAJNuCdw/" alt="Crypto total market cap from Tradingview.com (Ripple CEO)" width="3286" height="1530">

Ripple CEO Walks Back $5 Trillion Crypto Marker Prediction, Unveils New Target

Table of Contents

NewsBTC

Other articles published on Apr 19, 2024

Crypto Market Insights and Predictions

Geopolitical Tensions Impact Bitcoin and Gold Markets

BlockDAG Presale Crosses $18.2M, Stealing Spotlight from Shiba Inu’s Market Adoption & XRP Amid M...

Ethereum (ETH) and Shiba Inu (SHIB) See Rising Interest; Will InQubeta (QUBE) Be as Big After Its...

Is JPMorgan Right That Bitcoin May Likely Drop After The Halving

Binance Secures Full VASP License in Dubai

Join our free newsletter for daily crypto updates!