Brad Garlinghouse, CEO of Ripple, has projected that the entire value of the cryptocurrency market will double this year, reaching an estimated $5 trillion. Garlinghouse attributes this growth to several key factors, including the introduction of the first U.S. spot bitcoin exchange-traded fund (ETF) and the upcoming bitcoin “halving.”
In an interview with CNBC, Garlinghouse highlighted the significance of these developments, stating, “I’ve been around this industry for a long time, and I’ve seen these trends come and go. I’m very optimistic. I think the macro trends, the big picture things like the ETFs, they’re driving for the first time real institutional money.”
The approval of the first U.S. spot bitcoin ETFs by the U.S. Securities and Exchange Commission on January 10 has opened up avenues for both institutional and retail investors to gain exposure to bitcoin, contributing to increased demand. Additionally, the bitcoin halving event, which reduces the mining reward to bitcoin miners approximately every four years, further impacts the supply and demand dynamics in favor of price appreciation.
Garlinghouse emphasized the potential for positive regulatory momentum in the United States, which could further propel the crypto market to new heights. Despite recent regulatory challenges, he remains optimistic about clearer regulations emerging, especially considering the upcoming election year and potential shifts in policy focus.
The total cryptocurrency market capitalization stood at approximately $2.6 trillion as of April 4, with bitcoin comprising around 49% of the market. If Garlinghouse’s prediction holds true, the market cap would double to $5.2 trillion by the end of 2024.
Garlinghouse’s bullish outlook aligns with sentiments expressed by other industry experts. Marshall Beard, COO of U.S. crypto exchange Gemini, anticipates the bitcoin price to surge to $150,000 later this year, citing factors such as increased adoption, regulatory developments, and supply constraints.
As the cryptocurrency market continues to evolve, Garlinghouse and other crypto proponents anticipate significant growth and potential milestones in the near future. Source – www.cnbc.com
