Ripple CEO predicts the cryptocurrency market will double to $5 trillion by the end of 2024.
ripple CEO Brad Garlinghouse expects the cryptocurrency market to grow significantly, doubling in size to $5 trillion by the end of 2024. His optimism stems from a variety of key events and favorable regulatory developments shaping the industry landscape.
Factors driving cryptocurrency market growth
Garlinghouse points to several macroeconomic factors driving the upward trajectory of the cryptocurrency market. This includes expectations for spot Bitcoin ETFs and the upcoming Bitcoin halving event, which is expected to trigger a significant rally in the cryptocurrency space. He highlights that increasing demand from institutional investors, while simultaneously decreasing supply, are important drivers of market expansion.
The Bitcoin halving event, which is just 12 days away, is expected to cause a supply shock and cause a surge in Bitcoin prices. Garlinghouse highlights that these macro factors collectively contribute to a doubling of cryptocurrency market capitalization by the end of 2024.
Also Read: Bitcoin Halving 2024: The Countdown Begins
Optimism amid regulatory uncertainty
Despite Ripple's ongoing legal battle with the U.S. Securities and Exchange Commission (SEC), Garlinghouse remains optimistic about the regulatory environment in the United States. He expects a more friendly stance toward the cryptocurrency industry under the new administration following the US election. With Gary Gensler at the helm of the SEC, there are expectations that there will be greater clarity and potentially less hostility toward cryptocurrencies in the U.S. market.
Garlinghouse believes that regulatory clarity in the United States, the largest economy globally, will have a positive impact on the overall cryptocurrency market. He predicts changes in the regulatory environment that could provide a significant tailwind for industry growth.
Optimism from Industry Veterans
Garlinghouse's optimistic outlook is consistent with sentiments shared by other industry leaders. Marshall Beard, CEO of Gemini cryptocurrency exchange, predicts strong performance for Bitcoin, predicting that the price of Bitcoin will reach $150,000 by the end of the year. These optimistic forecasts highlight growing confidence in the long-term potential of cryptocurrency markets amidst evolving regulatory dynamics and macroeconomic trends.