Cryptopolytech (CPT) Public Press Pass (PPP)
News of the Day COVERAGE
200000048 – World Newser
•| #World |•| #Online |•| #Media |•| #Outlet |
View more Headlines & Breaking News here, as covered by cryptopolytech.com
Ripple CEO Walks Back $5 Trillion Crypto Marker Prediction, Unveils New Target appeared on www.newsbtc.com by Scott Matherson.
The Chief Executive Officer (CEO) of Ripple, Brad Garlinghouse, has revised his earlier ambitious prediction on the crypto industry’s future market capitalization, acknowledging that he had underestimated the market’s potential surge.
Ripple CEO Underpredicts Crypto Market Cap
Appearing in a recent interview with Fox Business, Garlinghouse shed light on the growth potential of the cryptocurrency market as well as its performance since the beginning of the year.
The Ripple CEO was questioned about his previous optimistic forecast for the crypto industry’s market capitalization, in which he projected that the market cap would double to approximately $5 trillion by the end of the year. According to CoinMarketCap, the current global cryptocurrency market capitalization stands at roughly around $2.25 trillion.
In response to the inquiry, Garlinghouse expressed his belief that his previous predictions were not overly ambitious, emphasizing the market’s potential for further growth. He admitted to underpredicting the industry’s potential market capitalization by the end of 2024, citing factors such as the current supply and demand dynamics driving additional increases.
Garlinghouse noted that the current market conditions are characterized by increased demand and reduced supply, with these dynamics playing a significant role in the performance of cryptocurrencies.
He disclosed that the Spot Bitcoin ETF market and the overall sentiment regarding Bitcoin’s value have significantly boosted demand for the cryptocurrency. Meanwhile, Bitcoin’s supply is diminishing due to the increasing number of large-scale investors purchasing the cryptocurrency rapidly. Additionally, the impending Bitcoin halving event is expected to further decrease the cryptocurrency’s supply.
Assessing the current state of the crypto market, Garlinghouse stated that since the last six months, Bitcoin has been up by more than 250%, with further increases anticipated. He also asserted that this overperformance was largely driven by the approval and launch of Spot Bitcoin ETFs as well as the upcoming Bitcoin halving.
Regulations Are Vital For Market Development
Garlinghouse has disclosed that establishing proper regulatory frameworks for the cryptocurrency market would yield positive outcomes for the market in the future.
He explained that one of the primary factors hindering the growth of this evolving market was the United State’s prevailing anti-crypto stance, suggesting that the country’s enforcement actions on the developing industry were “problematic.”
The Ripple CEO highlighted several countries, including Dubai, Singapore and the United Kingdom, which have been proactively embracing cryptocurrencies and implementing proper regulatory systems to foster further growth in the market.
Garlinghouse has asserted that the US has significantly lagged in recognizing the transformative and innovative impact of the cryptocurrency market, attributing this setback to the United States Securities and Exchange Commission (SEC) and its current Chair, Gary Gensler.
Total market cap at $2.2 trillion | Source: Crypto Total Market Cap on Tradingview.com
Featured image from Bitcoinist, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
FEATURED ‘News of the Day’, as reported by public domain newswires.
View ALL Headlines & Breaking News here.
Source Information (if available)
This article originally appeared on www.newsbtc.com by Scott Matherson – sharing via newswires in the public domain, repeatedly. News articles have become eerily similar to manufacturer descriptions.
We will happily entertain any content removal requests, simply reach out to us. In the interim, please perform due diligence and place any content you deem “privileged” behind a subscription and/or paywall.
CPT (CryptoPolyTech) PPP (Public Press Pass) Coverage features stories and headlines you may not otherwise see due to the manipulation of mass media.
First to share? If share image does not populate, please close the share box & re-open or reload page to load the image, Thanks!