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Ripple's leader cites ETFs and bitcoin halving as key drivers for market expansion.
A number of macroeconomic factors will lead to a doubled crypto market cap this year, said Ripple CEO Brad Garlinghouse in a recent interview with CNBC. With a market cap of around $2.6 trillion as of April 4, Garlinghouse’s prediction suggests a potential surge to over $5 trillion by year-end.
Two key drivers for the market’s growth, according to Garlinghouse, are the debut of US spot Bitcoin exchange-trade funds (ETFs) and the upcoming Bitcoin halving in less than two weeks. He’s particularly optimistic that the entry of institutional money facilitated by ETFs will lead to sustained growth.
“You’re seeing that drives demand, and at the same time demand is increasing, supply is decreasing,” Garlinghouse explained. “That doesn’t take an economics major to tell you what happens when supply contracts and demand expands.”
The Ripple CEO also mentioned the potential for positive regulatory changes in the US, which could further propel the crypto industry forward. Despite the SEC’s aggressive enforcement, including a lawsuit against Ripple, Garlinghouse remains hopeful for clearer regulations that could make the US a more welcoming market for crypto.
“The U.S. is still the largest economy in the world, and it’s unfortunately been one of the more hostile crypto markets. And I think that’s going to start to change, also,” said Garlinghouse.
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