Ripple (XRP) CEO Brad Garlinghouse has a message for crypto bears: you're missing the forest for the trees. Speaking at Binance Blockchain Week 2025, he argued that the current bearish mood around Bitcoin (BTC) is temporary and completely disconnected from the structural forces reshaping the market.
The Regulatory Transformation
Garlinghouse highlighted what he calls a historic pivot in U.S. crypto policy. The country, which accounts for over one-fifth of global GDP, has shifted from outright hostility toward digital assets to actively building pro-crypto regulatory frameworks. That change, he believes, is setting the stage for explosive institutional adoption.
Major financial institutions like BlackRock, Vanguard, and Franklin Templeton are no longer sitting on the sidelines. They're openly embracing digital assets, and the infrastructure around crypto is rapidly maturing.
ETF Demand Far From Peaked
Some market observers worry that demand for crypto ETFs has already topped out. Garlinghouse isn't buying it. He pointed out that digital assets represent just 1-2% of all ETF assets, a tiny fraction that leaves enormous upside potential. Meanwhile, Ripple is seeing rising institutional flow through its prime brokerage services and rapidly expanding stablecoin operations.
Understanding The Recent Volatility
The recent correction wasn't pretty. It wiped out roughly $20 billion in leverage, pushed funding rates negative, and drove traders into stablecoins—classic fear indicators. But Garlinghouse argues that beneath the short-term turbulence, something more significant is happening.
ETF inflows are accelerating. Global regulatory clarity is improving. Stablecoins are moving from experimental to mainstream, becoming embedded in real financial systems. Ripple's recent stablecoin approvals in Abu Dhabi and Dubai reinforce this trend: crypto infrastructure is gaining genuine traction in the real world.
The Path to $180,000
Garlinghouse's central thesis is straightforward: short-term noise is obscuring a long-term transformation. Institutional adoption is climbing. Utility is scaling. Regulation is becoming more supportive. And crypto is increasingly integrating into global financial plumbing.
In that environment, he says Bitcoin could realistically spike toward $180,000 by the end of 2026 as sentiment catches up with fundamentals. Whether he's right depends on whether those structural tailwinds prove strong enough to overcome whatever macro headwinds emerge over the next two years. But his core argument is worth considering: the infrastructure being built today might matter more than today's price action.