Ripple CEO Forecasts Crypto Market To Soar, Hitting $5 Trillion

Brad Garlinghouse, the CEO of blockchain startup Ripple, has made a bullish prediction—he anticipates the combined market capitalization of the cryptocurrency industry surpassing the $5 trillion mark by the end of 2024. In an interview with CNBC, Garlinghouse expressed confidence in the macro trends driving this projected growth, citing factors such as the recent approval of the first U.S. spot bitcoin exchange-traded funds (ETFs) and the upcoming bitcoin “halving” event.

“I’ve been around this industry for a long time, and I’ve seen these trends come and go,” Garlinghouse told CNBC. “I’m very optimistic. I think the macro trends, the big picture things like the ETFs, are driving real institutional money for the first time.”

Ripple CEO’s optimism stems from the expectation that demand for cryptocurrencies will surge while supply contracts, which he believes will inevitably lead to price appreciation. “You’re seeing that drives demand, and at the same time, demand is increasing, supply is decreasing,” he said. “That doesn’t take an economics major to tell you what happens when supply contracts and demand expands.”

The U.S. Securities and Exchange Commission (SEC) approved the first U.S. spot bitcoin ETFs on January 10, marking a significant milestone for institutional and retail investors seeking exposure to bitcoin without directly owning the underlying asset. Additionally, the upcoming bitcoin “halving,” a technical event that occurs approximately every four years and halves the total mining reward for bitcoin miners, is scheduled to happen later this month.

“The overall market cap of the crypto industry … is easily predicted to double by the end of this year … [as it’s] impacted by all of these macro factors,” Garlinghouse affirmed.

Ripple Amid Bitcoin Surge

As of April 4, the total crypto market capitalization was $2.6 trillion. If Garlinghouse’s prediction holds, the market will reach a staggering $5.2 trillion by the end of 2024, representing a 100% increase.

Bitcoin, the world’s largest digital currency, has driven the broader market’s gains, rising more than 140% in the last 12 months. According to CoinGecko data, it hit a record high above $73,000 on March 13 before retreating below the $70,000 level.

Garlinghouse also cited the possibility of positive regulatory momentum in the United States as another factor that could propel the crypto market to new heights. With 2024 being an election year, crypto enthusiasts hope the next administration will adopt a more accommodating stance toward the industry.

“One of the things I’ll say about the macro tailwinds for the industry is that I think we will get more clarity in the United States,” Garlinghouse stated. “The U.S. is still the largest economy in the world, and it’s unfortunately been one of the more hostile crypto markets. And I think that’s going to start to change, also.”

Garlinghouse is not alone in his bullish sentiment. Marshall Beard, the Chief Operating Officer of U.S. crypto exchange Gemini, recently predicted that the bitcoin price could reach $150,000 later this year, citing factors such as increased adoption, new regulations, and the forthcoming halving event.

While the crypto market has experienced significant volatility, the confluence of favorable catalysts has fueled optimism among industry leaders like Garlinghouse, who envision a paradigm shift in the sector’s market capitalization by the end of 2024.

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Furthermore, the author’s views are for reference only and shall not constitute investment advice. Before purchasing, please ensure you fully understand and assess the products and associated risk.

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