Ripple’s CEO Brad Garlinghouse has pointed out the rapid growth and strong investor interest in the world of cryptocurrency by comparing the impressive performance of Bitcoin ETFs to gold ETFs.
Garlinghouse noted that Bitcoin ETFs have shown exceptional performance, surpassing the asset accumulation and inflows of gold ETFs, marking a significant milestone in the evolution of asset classes. This shift indicates the increasing confidence and interest that investors have in cryptocurrency-based ETFs. According to Garlinghouse, Bitcoin ETFs have experienced a much more significant upward trajectory compared to gold ETFs.
In a recent observation, Brad compared the listing of SPDR Gold Shares ETF on the New York Stock Exchange in 2004 to the debut of BlackRock’s IBIT Bitcoin ETF. While it took SPDR Gold Shares ETF three years to accumulate $10 billion in assets, BlackRock’s IBIT Bitcoin ETF managed to double that amount in just five months.
Highlighting the broader trend in the financial system, Garlinghouse emphasized that investors are seeking exposure to cryptocurrency for the potential high gains and diverse benefits it offers. He also mentioned that the approval of an Ethereum ETF would follow the successful trend, signaling a positive outlook for the cryptocurrency industry.
Garlinghouse stressed the importance of diversified investments, pointing out that people are not satisfied with exposure to just one asset. He drew parallels with the evolution of gold ETFs into multi-commodity funds, suggesting that crypto ETFs are likely to pave the way for asset diversification.
In line with the discussion on ETFs, Brad focused on XRP and the potential for an XRP ETF. He expressed optimism about the launch of an XRP ETF as early as next year, stating that it is “simply inevitable.” Ripple’s President, Monica Long, supported this optimism by highlighting XRP’s strong market position and substantial daily trading volumes, positioning XRP at the forefront of the market.
The anticipation of XRP ETF approval has led to speculations about XRP’s price, which has seen a 0.58% surge in the past week, currently trading at $0.527. This surge reflects the positive market sentiment surrounding the XRP token and the potential for further growth in the cryptocurrency market.