- ORIGINAL NEWS
Ripple CEO predicts crypto market will double in size to $5 trillion by the end of 2024
- SUMMARY
According to Ripple CEO Brad Garlinghouse, the crypto market value is poised to soar, potentially doubling this year.
He attributes this prediction to several key factors.
Firstly, the approval of the first U.S. spot bitcoin ETFs has opened up new avenues for institutional and retail investors to access crypto without directly purchasing the underlying assets.
This increased demand fuels market growth.
Secondly, the upcoming bitcoin “halving,” a scheduled reduction in the reward given to bitcoin miners, will limit the supply of the cryptocurrency.
This decreased supply, coupled with rising demand, could drive up its value.
Furthermore, regulatory clarity on cryptocurrencies in the U.S. is expected to improve.
This change could make the U.S., currently a relatively hostile crypto market, more accommodating to the industry, fostering further growth.
Garlinghouse is not alone in his bullish outlook.
Marshall Beard, COO of Gemini, predicts the price of bitcoin alone could reach $150,000 this year.
The combination of rising interest, regulatory progress, and supply dynamics is driving a positive outlook for the crypto market.
As the market cap of cryptocurrencies approaches $5 trillion, Bitcoin, the dominant player, could continue to lead the charge, further cementing its position and the overall growth of the crypto industry.
- NEWS SENTIMENT CHECK
- Overall sentiment:
positive
Positive
“One of the other factors Garlinghouse sees pushing the crypto market to new highs is the possibility of positive regulatory momentum in the United States.”
“Ripple’s Brad Garlinghouse told CNBC that he expects the entire value of the crypto market to double, citing macro factors including the arrival of the first U.S. spot bitcoin exchange-traded fund”
Negative
“The SEC under Chair Gary Gensler has been aggressive in its enforcement on crypto companies, including Ripple itself.”
“The SEC targeted Ripple with a securities lawsuit alleging it illegally sold XRP, a cryptocurrency Ripple is closely associated with, in unregistered securities deals.”