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Brad Garlinghouse, the CEO of blockchain firm Ripple, believes the overall market capitalization of the crypto sector will exceed $5 trillion this year.
Ripple’s Brad Garlinghouse told CNBC that he expects the crypto market’s total value to double, citing macro reasons such as the launch of the first U.S. spot bitcoin exchange-traded fund (ETFs) and the imminent so-called bitcoin “halving.”
“I’ve been around this industry for a long time, and I’ve seen these trends come and go,” Garlinghouse told CNBC. “I am really optimistic. “I believe that macro trends, such as ETFs, are driving real institutional money for the first time.”
“You’re seeing that drives demand, and at the same time demand is increasing, supply is decreasing,” Garlinghouse said. “That doesn’t take an economics major to tell you what happens when supply contracts and demand expands.”
Garlinghouse said, “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”.
Positive Indicators on U.S. Crypto Regulation
Garlinghouse believes that the potential for good regulatory momentum in the United States will also drive the crypto market to new highs. Given that this is an election year, crypto aspirants are hoping that the new administration’s policy focus will be more favorable to the crypto business. Under Chairman Gary Gensler, the SEC has been aggressive in its investigation of crypto currency companies, including Ripple. The SEC filed a securities case against Ripple, saying that it improperly marketed XRP, a crypto currency closely linked with Ripple, in unregistered securities transactions. Ripple rejects the allegations and is fighting the lawsuit.
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