Brad Garlinghouse, the CEO of Ripple, a blockchain startup, has made a prediction that the total market value of cryptocurrencies will exceed $5 trillion by the conclusion of 2024. In an interview with CNBC, Garlinghouse highlighted various key factors that are expected to drive this growth.
Garlinghouse emphasized the significance of recent developments in the cryptocurrency industry, such as the approval of the first U.S. spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC). These ETFs allow both institutional and individual investors to trade bitcoin without directly owning it, potentially attracting substantial institutional investments.
In addition, Garlinghouse mentioned the upcoming bitcoin “halving,” a periodic event that occurs roughly every four years and reduces the rewards for bitcoin miners. This event, combined with increasing demand and decreasing supply, is predicted to contribute to the expansion of the crypto market.
The CEO expressed confidence in the possibility of more favorable regulations in the United States, particularly during an election year. Garlinghouse believes that better regulatory conditions could support the ongoing growth of the cryptocurrency sector.
As of April 4, the total market capitalization of cryptocurrencies is approximately $2.6 trillion, with bitcoin constituting around 49% of the market share. Garlinghouse’s forecast suggests that the market could grow twofold, reaching a total market cap of $5.2 trillion by the end of 2024.
Garlinghouse’s perspective is in line with that of other industry experts, such as Marshall Beard, the Chief Operating Officer of Gemini, a U.S.-based crypto exchange. Beard also anticipates significant growth in the cryptocurrency market, with a projection that the price of bitcoin may reach $150,000 later in 2024, driven by factors like adoption, new regulations, ETFs, and the bitcoin halving event.
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