Brad Garlinghouse, the CEO of Ripple, recently pointed out the remarkable growth and high investor interest in the cryptocurrency industry by comparing the performance of Bitcoin ETFs to that of gold ETFs.
In a significant observation, Garlinghouse noted that Bitcoin ETFs have shown exceptional performance, outshining gold ETFs in terms of asset accumulation and inflows. This comparison highlights a major milestone in the evolution of different asset classes.
The CEO emphasized the growing confidence and interest that investors have in cryptocurrency-based ETFs. According to Garlinghouse, Bitcoin ETFs have experienced a much more rapid upward trajectory compared to gold ETFs.
Brad made a comparison between the listing of SPDR Gold Shares ETF on the New York Stock Exchange in 2004 and the launch of BlackRock’s IBIT Bitcoin ETF. It took the SPDR Gold Shares ETF 3 years to accumulate $10 billion in assets after its debut, while BlackRock’s IBIT Bitcoin ETF managed to double that amount in just 5 months.
Garlinghouse highlighted that Bitcoin ETFs reached a milestone in just 2 months that gold ETFs took over a year to achieve.
This significant growth represents a broader trend in the financial system where investors are increasingly seeking exposure to cryptocurrencies for their potential high returns and various benefits. Garlinghouse also mentioned that the trend doesn’t stop at Bitcoin ETFs, as the approval of an Ethereum ETF is likely to follow, signaling a positive outlook for the cryptocurrency industry.
Brad emphasized the importance of diversifying investments, noting that people are not content with exposure to just one asset. He drew parallels with gold ETFs that were followed by multi-commodity funds, suggesting that crypto ETFs could pave the way for diversified asset portfolios.
In line with the discussion on Bitcoin ETFs, Garlinghouse turned his attention to XRP and the possibility of an XRP ETF. He predicted that an XRP ETF could be launched as early as next year, stating that it is inevitable. This optimism was echoed by Ripple’s President, Monica Long, who highlighted XRP’s strong market position and substantial trading volumes, positioning it well for an XRP ETF.
The anticipation of XRP ETF approvals has already led to speculation 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.
