Speaking at an exclusive FOX Business interview, Ripple Labs CEO Brad Garlinghouse claimed that he underpredicted the crypto market capitalization when he said it was going to reach $5 trillion by the end of this year.
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.
Compared to the values that the BTC price saw in March when it hit a new All-Time High (ATH) of $73,350, the coin has dropped significantly to its current value of $63,393.78.
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.
Moving on, Garlinghouse highlighted that the United States has been quite problematic for the crypto market.
He specifically blamed President Biden’s government for the headwinds that have been recorded in the industry thus far. In Garlinghouse’s opinion, the strict government supervision combined with regulations have obstacles to the crypto ecosystem.
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.
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