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Ripple CEO’s stock bullish on Bitcoin and crypto predictions

Brad Garlinghouse, CEO of blockchain startup Ripple, predicts that Bitcoin and the broader cryptocurrency market will see significant growth this year.

In a recent interview with CNBC, Garlinghouse predicted that the total market capitalization of the crypto industry could double to $5 trillion by the end of 2023.

Garlinghouse pointed to several macroeconomic factors driving this bullish outlook, including the recent approval of the first U.S. spot Bitcoin exchange-traded fund (ETF) and the upcoming Bitcoin “halving” event. The spot ETF, which began trading on U.S. stock exchanges in January after being approved by the SEC, allows institutional and retail investors to gain exposure to Bitcoin without directly owning the digital asset.

Meanwhile, the Bitcoin halving, a technical event that occurs approximately every four years and will cut mining rewards in half, is expected to occur later this month and could further restrict supply while demand grows. Garlinghouse told CNBC:

I’ve been in this industry for a long time and I’ve seen these trends come and go. […] I’m optimistic. I think macro trends, big picture things like ETFs, they’re driving real institutional money for the first time.

The cryptocurrency market has made impressive gains over the past year, with Bitcoin rising more than 140% and hitting an all-time high of over $73,000 in March before falling back. As the largest cryptocurrency by market capitalization, accounting for approximately 49% of the entire cryptocurrency market value, Bitcoin’s performance has a serious impact on the broader digital asset field.

ever-changing landscape

In addition to technology and macroeconomic drivers, Garlinghouse also sees positive regulatory momentum in the United States as a potential catalyst for the cryptocurrency market this year. 2023 is an election year and there is optimism that the next government may take a more liberal stance on the industry.

Although the current SEC, under Chairman Gary Gensler, has taken an aggressive enforcement approach against cryptocurrency companies, including Ripple itself, the company is fighting a lawsuit alleging that it illegally sold XRP tokens as unregistered Securities Litigation.

Actually, one thing I would say about the macro tailwinds for the industry is: I think we’re going to get a lot more clarity in the U.S. […] The United States remains the largest economy in the world, but unfortunately, it has been one of the most hostile crypto markets. I think that will start to change as well. “

Garlinghouse is not the only one making optimistic predictions about the cryptocurrency market. Marshall Beard, chief operating officer of U.S. cryptocurrency exchange Gemini, recently told CNBC that he expects Bitcoin to grow later this year due to a combination of factors such as the halving, ETF launches, regulatory developments, and overall adoption and activity in the space. to $150,000.

Back in March, Bitcoin hit an all-time high, surpassing the $71,000 mark for the first time. The surge comes after the UK’s Financial Conduct Authority gave the green light to cryptocurrency exchange-traded products.

Bitcoin prices gained momentum in January when U.S. securities regulators approved a spot Bitcoin exchange-traded fund (ETF). The approval was a catalyst for the cryptocurrency’s value, which crossed the $70,000 threshold last week. Likewise, Ethereum (ETH) also achieved a major milestone on Monday, surpassing the $4,000 mark.

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