Ripple CEO Predicts Crypto Market Cap to Hit $5 Trillion in 2024
Brad Garlinghouse, CEO of blockchain startup Ripple, forecasts that the combined market capitalization of the cryptocurrency market will surpass $5 trillion this year, citing factors such as the introduction of U.S. spot bitcoin exchange-traded funds (ETFs) and the upcoming bitcoin “halving.”
In a recent interview with CNBC, Garlinghouse expressed his optimism about the cryptocurrency market, predicting a significant surge in its overall value. Garlinghouse anticipates that the entire crypto market cap will double in 2024, driven by macro factors including the introduction of U.S. spot bitcoin ETFs and the impending bitcoin halving.
“I’ve been around this industry for a long time, and I’ve seen these trends come and go,” Garlinghouse stated. “I’m very optimistic. I think the macro trends, the big-picture things like the ETFs, they’re driving for the first time real institutional money.”
Garlinghouse highlighted the impact of decreasing supply and increasing demand on the cryptocurrency market. He emphasized that the approval of the first U.S. spot bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC) in January, along with the upcoming bitcoin halving event, are significant catalysts for market growth.
The bitcoin halving, a technical event occurring approximately every four years, reduces the total mining reward to bitcoin miners. This event, which is slated to occur later this month, has historically contributed to increased scarcity and upward price pressure on bitcoin.
“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 explained.
As of April 4, the total crypto market capitalization stood at approximately $2.6 trillion. Garlinghouse’s prediction suggests that this figure could reach $5.2 trillion by the end of 2024.
Despite recent fluctuations in price, bitcoin has experienced significant growth over the past year, rising by more than 140%. It reached a record high above $73,000 on March 13, according to CoinGecko data.
This bullish outlook on the cryptocurrency market reflects growing confidence among industry leaders in the transformative potential of digital assets. With institutional adoption on the rise and significant events like the introduction of bitcoin ETFs and the upcoming halving event, the crypto market is poised for substantial growth in the coming year. As investors continue to recognize the value and potential of cryptocurrencies, the market is expected to reach new heights, potentially surpassing $5 trillion in total market capitalization by the end of 2024.
Digital Assets Desk
