Ripple (XRP) CEO Brad Galinrhouse has recently stated that he previously underpredicted his forecast of the cryptocurrency market’s $5 trillion ceiling. Indeed, Garlinhouse spoke to Fox Business about the forecast, noting that it was far too cautious an estimation for the digital asset market.
Garlinghouse spoke with Fox’s Maria Bratiromo regarding the sector as it enters a crucial date. Specifically, the Bitcoin Halving event is slated to take place on Friday and should have important implications for the industry as a whole. Although predictions are varied, 2024 has proven the growing value that cryptocurrency has.
Also Read: Ripple: XRP Price Post-Bitcoin Halving
Ripple CEO Says He Undervalued the Crypto Market at $5 Trillion
The digital asset sector has enjoyed a massively important first four months of the year. Although prices across the board have faced a correction this week, it has experienced some foundation developments. Subsequently, many of these have set up what should be continued and exponential gains into the future.
These developments have now impacted a plethora of forecasts regarding the potential of the digital asset market. Subsequently, Ripple (XRP) CEO Brad Garlinhouse recently said he “underpredicted” his valuation of the cryptocurrency market’s $5 trillion ceiling.
Also Read: Ripple & SEC Settlement Rumored as XRP Falls; Is a Rally Close?
“If anything, I think probably underpredicted that,” Garlinghouse told Fox. “I think [Bitcoin] will continue to see tailwinds. Partly because of the TFs that have been approved… but also the upcoming halving, which is imminent,” the Ripple executive added.
Speaking to CNBC earlier this year, Garlinhouse predicted a $5 trillion market cap for the industry by the start of 2025. However, he now feels like such a forecast undersells the overall market potential. The impending Bitcoin Halving is likely to have a massive effect on that retrospective. The increasing demand is meeting a decreasing supply, which should catapult value.
However, many experts have predicted the price of Bitcoin to decline immediately after the halving. Among them is JP Morgan, who have stated the price could struggle to face overbought conditions. Even if that is the case, the overall upward trajectory of the asset will undoubtedly lead to increasing value over the next several months.