Amid a direct battle with the US sector regulator, the Securities and Exchange Commission (SEC), the CEO of Ripple, Brad Garlinghouse, recently expressed his great optimism with the growth of the cryptocurrency market.
Em an interview with CNBC, on April 7, Garlinghouse shared his estimate that the cryptocurrency market capitalization has a great potential to double by the end of 2024. Garlinghouse emphasized in his opinion, the overall market capitalization of the cryptocurrency market will reach $5 trillion by 2024. Currently, the global market capitalization of the cryptocurrency industry is around $2,69 trillion.
Garlinghouse highlighted that he is “very optimistic” about macroeconomic trends in the cryptocurrency sector following the emergence of spot Bitcoin-based exchange-traded funds (ETFs). For the CEO of Ripple, ETFs brought “real” institutional investments in cryptocurrencies for the first time in history.
In an interview, Garlinghouse said: “I've been in this industry a long time and I've seen these trends come and go,” he said. “I am very optimistic. I think macro trends, the big picture, like ETFs, are generating real institutional money for the first time.”
“You’re seeing that this drives demand and at the same time demand increases and supply decreases,” he said. “You don’t need to have a degree in economics to say what happens when supply contracts and demand expands”, he added.
BlackRock XRP ETF?
Ripple CEO Brad Garlinghouse recently commented on the possibility of asset manager BlackRock launch an exchange-traded fund (ETF) based on spot XRP. During an interview with Bloomberg, the executive was asked about the prospects for an XRP ETF, given the increase in market speculation following the approval of the first Bitcoin spot ETFs in January.
Garlinghouse highlighted that it is reasonable to expect other ETFs on the market to follow the Bitcoin (BTC) precedent. According to the CEO of Ripple: “I think we will see other ETFs. This makes these markets safer.” When asked whether Ripple would adopt an XRP ETF, Garlinghouse provided a positive response, emphasizing the inevitable nature of XRP ETFs.
