Key Takeaways
- Ripple CEO Brad Garlinghouse predicts that the cryptocurrency market capitalization will double by the end of 2024, reaching beyond $5 trillion.
- He attributes this optimism to macroeconomic trends such as the surfacing of spot bitcoin exchange-traded funds (ETFs), facilitating real institutional investments in crypto.
- Regulatory clarity in the US post-election is also anticipated, potentially easing tensions between regulatory bodies like the SEC and crypto firms like Ripple Labs.
According to a recent report from CNBC, Ripple Labs CEO Brad Garlinghouse predicted that the cryptocurrency market’s total value could reach $5 trillion by the end of 2024.
Garlinghouse expressed strong optimism regarding the macro trends in the crypto space, particularly highlighting the advent of spot Bitcoin exchange-traded funds (ETFs) and the fact that they have attracted significant institutional investment for the first time.
Bitcoin Halving
The Ripple CEO also pointed out Bitcoin’s upcoming halving event later this month as another factor that could move the entire crypto market past $5 trillion in market cap.
The Bitcoin halving occurs every four years in Bitcoin’s history. During this event, the reward for Bitcoin miners is cut in half, and past Bitcoin halving events have frequently acted as catalysts for crypto market rallies.
Regulatory Clarity In The US
Garlinghouse also mentioned that he anticipates clearer regulations in the US once the new administration takes over after this year’s election. The US Securities and Exchange Commission (SEC) has been known for its strict stance on crypto, as seen in its ongoing legal battle with Ripple Labs.
