Ripple CEO Brad Garlinghouse says he is “very optimistic” about the crypto market, predicting it could double its market cap this year. The executive explained that the macro trends, such as the spot bitcoin exchange-traded funds (ETFs), are driving “real institutional money” into the crypto space for the first time.
Ripple’s CEO: Macro Factors Fuel Crypto Market Cap
The CEO of Ripple Labs, Brad Garlinghouse, discussed his outlook for both the crypto market and U.S. crypto regulations in an interview with CNBC, published Sunday. The executive believes that the combined market capitalization of the crypto market will exceed $5 trillion this year.
“I’ve been around this industry for a long time, and I’ve seen these trends come and go,” Garlinghouse said, adding:
I’m very optimistic. I think the macro trends, the big picture things like the ETFs, they’re driving for the first time real institutional money.
The Ripple executive cited various factors fueling the price of bitcoin and the overall crypto market, including the launch of the first U.S. spot bitcoin exchange-traded funds (ETFs) and the upcoming Bitcoin halving.
“You’re seeing that drives demand, and at the same time demand is increasing, supply is decreasing,” he said. “That doesn’t take an economics major to tell you what happens when supply contracts and demand expands.”
Noting that the overall crypto market cap is “impacted by all these macro factors,” Garlinghouse predicted:
The overall market cap of the crypto industry … is easily predicted to double by the end of this year.
With the current total crypto market capitalization hovering around $2.7 trillion, doubling in size would propel it past $5 trillion.
Positive U.S. crypto regulations could also boost the market, according to Garlinghouse. “One of the things, actually, I’ll say on the macro tailwinds for the industry: I think we will get more clarity in the United States,” he opined, adding:
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.
Do you agree with Ripple CEO Brad Garlinghouse about the crypto market cap doubling in size by year-end? And, do you think the regulatory landscape is changing in the U.S.? Let us know in the comments section below.
Source: Bitcoin
