Ripple CEO Brad Garlinghouse is optimistic about the future of the cryptocurrency market, predicting that it could reach a staggering $5 trillion in total market capitalization by the end of 2024. In a recent CNBC interview, Garlinghouse cited several factors that contribute to his bullish outlook, including significant macroeconomic factors and regulatory momentum.
A key aspect of his forecast is the introduction of the first spot US-based Bitcoin exchange-traded funds (ETFs) and the upcoming Bitcoin halving event. The halving event, which occurs every four years and reduces mining rewards by half, has historically been associated with price surges. Following the last halving in May 2020, Bitcoin’s price saw a substantial increase. Since that halving, the total crypto market cap has grown over 1,040%, reaching $2.72 trillion by April 8, 2024, according to CoinGecko data.
Garlinghouse also highlighted the positive regulatory developments in the United States as a potential driver for the crypto market boom. He expressed optimism that there will be more regulatory clarity in the country, which would bring stability and attract traditional industry giants to the sector. In March, Rep. Patrick McHenry, the Republican chair of the House Financial Services Committee, indicated a greater likelihood of legislation that provides regulatory clarity for cryptocurrencies.
Despite facing its own regulatory battles with the SEC, Ripple remains hopeful for progress in the industry. The CEO’s optimistic outlook aligns with the broader belief among industry experts that Bitcoin’s price could surpass $100,000 by the end of the year. Growing institutional interest in crypto-based spot ETFs, including those focused on Ethereum, further supports this positive outlook.
In addition, venture capital giants like Galaxy Digital, Paradigm, and a16z are continuing to invest heavily in crypto and Web3 projects and startups this year. These trends demonstrate that the asset class holds significant potential for the future and further bolster Garlinghouse’s prediction of a $5 trillion crypto market.