Bitcoin has shot higher, climbing over $70,000 per bitcoin as cash continues to flow into the new Wall Street bitcoin exchange-traded funds (ETFs)—sparking a huge Goldman Sachs crypto prediction.
The bitcoin price has rocketed this year, boosting the wider ethereum, XRP and crypto market, as the Federal Reserve quietly “admits” gold is replacing the U.S. dollar and some bet bitcoin will benefit.
Ahead of bitcoin’s latest push higher, the chief executive of XRP developer Ripple said he believes a flood of crypto ETFs—including for ethereum, XRP, solana and cardano—are “inevitable” but warned regulation will be “critical.”
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“I think it’s just a matter of time, and it’s inevitable there’s gonna be an XRP ETF, there’s gonna be a solana ETF, there’s gonna be a cardano ETF, and that’s great,” Ripple’s Brad Garlinghouse said on stage during Coindesk‘s Consensus crypto conference in Austin, Texas.
However, bitcoin, ethereum, XRP and crypto regulatory clarity is in the “bottom decile,” according to Garlinghouse. “Getting the regulatory posture right in the United States is just critical.”
Ripple along with major crypto exchange Coinbase and crypto asset manager Grayscale have led a long-running campaign by the crypto industry to convince the U.S. Securities and Exchange Commission (SEC) to update its regulatory rule book for crypto.
Ripple could be staring down the barrel of a $2 billion SEC fine following its legal battle with the regulator in which a judge ruled it had illegally sold XRP to institutional investors.
“[It’s] is a travesty because the SEC’s stance has become such a political liability, affecting even the presidential race,” Garlinghouse said.
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Crypto scored a major win over the SEC last month when the regulator appeared to bend to political pressure and began the process of waving through a handful of spot ethereum ETFs.
Shark Tank billionaire Mark Cuban, an outspoken supporter of president Joe Biden, has warned former U.S. president Donald Trump could win the 2024 election due to Biden’s opposition to crypto.
Trump has promised to make the U.S. “the leader in the field” of crypto, and warned Biden “wants it to die a slow and painful death. That will never happen with me.”
“The approval of a spot ethereum ETF by the SEC reflects the new found energy and enthusiasm reverberating across crypto investment markets,” Myles Harrison, the chief product officer at Switzerland-based, crypto-focused Amina Bank, said in emailed comments. “It’s likely only a matter of time before we see further crypto ETFs on the market.”
Read More: ‘It’s Inevitable’—Ripple CEO Issues ‘Critical’ XRP Warning After Bitcoin And Ethereum ETF
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