As a seasoned crypto investor with over a decade of experience navigating the volatile and ever-evolving cryptocurrency market, I find Brad Garlinghouse’s optimism about the impending spot exchange-traded fund (ETF) for XRP quite compelling. Having witnessed the meteoric rise of Bitcoin and other digital assets, I can attest to the fact that institutional and retail interest in this space is indeed on the rise.
Brad Garlinghouse, CEO of Ripple Labs, anticipates a future exchange-traded fund (ETF) for their XRP cryptocurrency. During an interview with Sonali Basak and Tim Stenovec on Bloomberg Television on October 23, 2024, Garlinghouse stated that the demand from both institutional and individual investors in cryptocurrencies is increasing rapidly, implying that XRP may soon mirror Bitcoin‘s success.
Based on his statement, it’s evident that both asset managers and the wider market are starting to explore the possibility of using XRP in a regulated financial product. He notes that this step represents another major advancement for XRP.
In my role as a researcher, I’ve observed an interesting development in the world of cryptocurrency. As Garlinghouse pointed out, the U.S. Securities and Exchange Commission (SEC) initially held reservations regarding a spot Bitcoin ETF. However, their eventual approval underscores a significant appetite for this digital asset.
According to Garlinghouse’s perspective, the arrival of spot Bitcoin ETFs is part of a larger movement shaping the entire crypto market. The CEO expressed that an ETF for XRP isn’t a question of ‘if’, but rather a matter of ‘when’. He implied that even ETFs containing a mixed basket of various cryptocurrencies (around 5-6 different assets) are in development, signaling a growing trend towards greater institutional involvement in the crypto industry.
When discussing the performance of cryptocurrency ETFs, Garlinghouse pointed out comparisons being made between Bitcoin’s ETFs and those of other cryptos like Ethereum. He acknowledged that due to Bitcoin’s dominance in the crypto market, its ETFs have seen larger inflows. However, he argued in defense of non-Bitcoin ETFs, stating that they too have performed well. In fact, he expressed his view that Ethereum ETFs have done particularly well, considering the comparable market positions of Bitcoin and Ethereum.
Garlinghouse highlighted that while the newer ETFs might not be attracting Bitcoin-level inflows at the moment, they are still excelling in terms of their market influence. He pointed out the increasing interest and backing for the XRP ecosystem, both within the U.S. and globally, adding that this community is consistently growing. “I believe it contributes to price increases for numerous cryptos, including XRP,” he commented, suggesting a favorable effect on valuations as institutional involvement broadens.
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2024-10-23 23:58