In a recent interview with Fox on April 18th, Ripple CEO Brad Garlinghouse shared his insights on the crypto market, particularly weighing in on his recent forecast suggesting a doubling digital currency market size by 2024.
In the interview, Garlinghouse also remained bullish on the long-term trajectory of the digital currency market despite recent market fluctuations, citing key factors such as the approval of spot BTC Exchange-Traded Funds (ETFs) and the upcoming Bitcoin Halving.
He also emphasized the importance of regulatory clarity in driving market growth and expressed concern over US regulators’ perceived “anti-crypto” stance.
$5 Trillion Crypto Market Forecast Was ‘Underpredicted’
During an interview with CNBC, the Ripple CEO projected that the crypto market will double in size to reach $5 trillion by the end of 2024. Garlinghouse noted:
The overall market cap of the crypto industry is easily predicted to double by the end of this year as it’s impacted by all of these macro factors
Garlinghouse mentioned the arrival of the first set of US spot Bitcoin exchange-traded funds and the upcoming Bitcoin “Halving” as the catalyst behind this projected growth.
However, in a recent interview with Fox on Thursday, Garlinghouse suggested that his bullish prediction of the crypto market reaching $5 trillion might just be “underpredicted.”
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
Garlinghouse attributed this optimism to the increasing demand for crypto assets driven by decreasing supply and growing institutional interest.
Yeah, I don’t even feel like it’s that big of a prediction when you step back and you know like any market, this is driven by supply and demand, you have decreasing supply (…) you have increasing demand, [with] the ETF being a key part of that (…) So basically just predicting it’s going to double by the end of the year, if anything, I think I probably underpredicted that.
Garlinghouse’s Optimism Amidst Regulatory Uncertainty
Meanwhile, despite recent price declines in Bitcoin, Garlinghouse remained optimistic about its future, citing the impact of spot ETF approvals and the impending Halving event. He emphasized that these factors would continue to provide ‘tailwinds ‘for Bitcoin’s price trajectory in the coming months.
Garlinghouse also highlighted the notable “ups and downs” in crypto assets over the past week, urging investors to focus on the market’s long-term potential.
Additionally, the Ripple CEO cautioned against the lack of regulatory clarity in the United States, citing it as a “potential hindrance to market expansion.”
Garlinghouse compared the regulatory approaches of countries like Dubai and Singapore, which have embraced crypto with constructive frameworks, to the US, where regulatory uncertainty prevails.
Despite these challenges, Garlinghouse expressed confidence in Ripple’s prospects, particularly in non-US markets where the company continues to expand its offerings.
Featured image from YouTube/ Bloomberg Television, Chart from TradingView