Ripple CEO Brad Garlinghouse has recently stated in an interview with CNBC that he believes the total market value of the cryptocurrency market will double by the end of this year, reaching $5.2 trillion. Garlinghouse highlighted several macro factors that contribute to his optimistic outlook, including the successful launch of the Bitcoin ETF earlier this year, the upcoming Bitcoin halving event, and the potential for clearer cryptocurrency regulations from the US government in the future.
Garlinghouse emphasized the positive impact of macro trends such as the ETF, which is bringing institutional funds into the market. He also mentioned the approval of the first US Bitcoin spot ETF in January, allowing institutions and retail investors to indirectly participate in the Bitcoin market. Additionally, he considered the upcoming Bitcoin mining reward halving event at the end of this month as a factor that would increase demand while supply decreases.
Garlinghouse acknowledged that the growth of the cryptocurrency market has been influenced by the regulatory attitudes of the US government. With the upcoming election year, he believes that the incoming government may have a more favorable policy towards the cryptocurrency industry, leading to more regulatory clarity. However, he also mentioned the Securities and Exchange Commission (SEC) as a potential obstacle to the market’s growth, given their historically negative stance towards the cryptocurrency market.
Currently, the total market value of the cryptocurrency market is $2.58 trillion. If the projected doubling of the market value occurs, it would reach $5.16 trillion. In addition to this, Ripple recently announced its plan to launch a new stablecoin product that supports the XRP distributed ledger and the Ethereum network. This stablecoin aims to compete with the two major mainstream stablecoins, USDT and USDC, and will be backed by US dollar deposits, short-term US government treasuries, and other equivalent cash.
Overall, Garlinghouse’s outlook for the cryptocurrency market is optimistic, taking into account various factors such as the ETF, the Bitcoin halving, and potential regulatory clarity.