Crypto Market: The CEO of Ripple predicts that the cryptocurrency market will double in size, reaching $5 trillion by the end of 2024. Brad Garlinghouse, CEO of the blockchain startup, shared his projections, citing various factors contributing to this growth.
Garlinghouse expressed optimism driven by significant macro trends such as the introduction of the first U.S. spot bitcoin exchange-traded funds (ETFs) and the upcoming bitcoin “halving.” He highlighted the impact of these developments on attracting institutional money into the crypto space.
The approval of the first U.S. spot bitcoin ETFs by the Securities and Exchange Commission on January 10 allows both institutions and retail investors to access bitcoin’s value without directly owning the asset. Additionally, the bitcoin halving, which occurs approximately every four years, reduces the mining reward for bitcoin miners, further influencing supply and demand dynamics.
Garlinghouse emphasized the expectation of the crypto market’s total capitalization doubling by the end of 2024, influenced by these macro factors. As of April 4, the total crypto market capitalization stood at around $2.6 trillion, implying a potential increase to $5.2 trillion if this prediction holds true.
Bitcoin, the leading cryptocurrency, has experienced significant growth, rising over 140% in the past year and reaching a record high above $73,000 on March 13. However, its value has since fluctuated.
Garlinghouse also highlighted the potential positive impact of regulatory developments in the United States, particularly with the upcoming elections. He suggested that a more favorable regulatory environment could further propel the crypto market’s growth.
Despite regulatory challenges, optimism persists within the industry. Marshall Beard, COO of U.S. crypto exchange Gemini, also anticipates substantial gains, projecting the bitcoin price to reach $150,000 later in the year. He attributes this optimism to various factors, including increased adoption, regulatory developments, ETFs, and the bitcoin halving.
