- Garlinghouse revised its forecast, citing supply and demand dynamics for a potential market doubling by year’s end
- Ripple’s CEO criticized the delay in US crypto regulations
Bitcoin’S [BTC] The halving is understandably disrupting the news cycle, with expectations surrounding the event skyrocketing in recent days and weeks. Needless to say, optimism is also high, with many expecting Bitcoin and the rest of the crypto market to post new highs. Brad Garlinghouse, CEO of Ripple Labs, is no different. The executive is trying to revise his previous forecast of a $5 trillion market cap by the end of the year.
In a recent one interview with Fox Business, Garlinghouse said:
“I think I probably underpredicted that.”
What drives the crypto market?
To justify his earlier prediction, Ripple’s CEO shed light on the fundamental drivers of the crypto market. He pointed to the impact of declining supply due to events such as the halving, combined with increasing demand, mainly fueled by ETFs.
He also highlighted the growing recognition of crypto as a valuable asset class. Looking back at the current market cap of $2.5 trillion, he even hinted that his previous forecast of $5 trillion by the end of the year might have been conservative.
“The market could potentially double by the end of the year.”
This underlines the complex interplay of factors driving the market and the importance of considering both short-term fluctuations and long-term trends.
Is the United States curbing the crypto market?
Furthermore, despite concerns about potential regulatory hurdles, Garlinghouse remains optimistic about Washington’s intentions on crypto regulation. He said,
“The United States has been one of the most problematic for the crypto market.”
He added,
“Dubai, Singapore, even Britain and the EU have seen legislative progress. The US has truly been ‘behind the 8 ball’ on crypto.”
The director believes that the United States is lagging behind other countries in terms of regulatory progress and constructive engagement in the crypto market. He also criticized it Senator Elizabeth Warren characterizes crypto users as “bad actors.”
Moreover, he advocated that the US should adopt a “pro-innovation” and “pro-compliance” cryptocurrency policy, with the same being “not a partisan issue.”
The future prospects of XRP
Finally, Ripple’s CEO shed some light on the launch of one USD-backed stablecoin on XRPL and Ethereum,
“Ripple has always been a bridge to this new world and the traditional world. People call it ‘trade-fi’.”
This shows increasing confidence among XRP users, evidenced by the 2% increase in the value of XRP just before Bitcoin’s halving. Investors remain optimistic about XRP’s trajectory, which is reflected in the continued high level of positive sentiment surrounding the cryptocurrency.
Source: Santiment