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Ripple CEO Envisions $5 Trillion Crypto Market Amid Regulatory Optimism

2 mins
Updated by Harsh Notariya
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In Brief

  • Ripple CEO Brad Garlinghouse projects a $5 trillion crypto market cap by the end of 2024, fueled by Bitcoin halving and spot Bitcoin ETFs.
  • Garlinghouse also believes US crypto regulatory clarity might come this year, potentially further boosting the crypto market's growth.
  • His optimism aligns with a broader bullish sentiment in the crypto market, as evidenced by increasing venture capitalist investment.
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Ripple CEO Brad Garlinghouse expressed optimism for the crypto market’s future. He predicts that the total market capitalization could reach a staggering $5 trillion by the end of 2024.

In a recent CNBC interview, he pointed to several factors that fuel his bullish predictions, including significant macroeconomic factors and regulatory momentum.

Will US Regulation Spark Crypto Market Boom?

Central to his forecast is the introduction of the first spot US-based Bitcoin exchange-traded funds (ETFs) and the Bitcoin halving event this year.

Bitcoin halving is a built-in mechanism that reduces mining rewards by half every four years. The next halving reduces rewards from 6.25 Bitcoin (BTC) to 3.125 BTC. Historically, Bitcoin halving links to price surges. Following the last halving in May 2020, Bitcoin’s price substantially increased from $8,590 to $69,600 at the time of writing.

Additionally, since the 2020 halving, the total crypto market cap has grown over 1,040%, soaring to $2.72 trillion by April 8, 2024, in the Asian market time, according to data from CoinGecko.

Read more: What Is Bitcoin Halving?

Total Crypto Market Cap Performance from May 2020 to April 2024
Total Crypto Market Cap Performance from May 2020 to April 2024. Source: CoinGecko

Furthermore, Garlinghouse emphasized that positive regulatory developments in the United States could bolster the crypto market.

“I think we will get more [regulatory] clarity in the United States,” Garlinghouse said.

Previously, BeInCrypto reported in March that Rep. Patrick McHenry, the Republican chair of the House Financial Services Committee, signaled an increased likelihood of legislation providing regulatory clarity for cryptocurrencies. Clearer regulations encourage stability and eventually attract traditional industry giants to the sector.

As a major player in the crypto sphere, Ripple is no stranger to regulatory challenges. It has faced regulatory battles with the Securities and Exchange Commission (SEC) over the alleged sale of XRP as unregistered securities. Garlinghouse’s prediction reflects a widespread hope that the industry will see progress on this front.

Read more: Everything You Need To Know About Ripple vs SEC

The Ripple CEO’s optimism echoes a broader belief among industry experts. Many analysts forecast Bitcoin’s price to exceed $100,000 by the end of the year. Increasing institutional interest in various crypto-based spot ETFs, including those focused on Ethereum (ETH), further supports this bullish outlook.

Moreover, this year, venture capital giants like Galaxy Digital, Paradigm, and a16z continue investing heavily in crypto and Web3 projects and startups. These trends solidify that this asset class holds significant potential for the future.

Top crypto projects in the US | May 2024

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Lynn Wang
Lynn Wang is a seasoned journalist and content creator with over eight years of experience in digital marketing and cryptocurrency journalism. Her expertise lies in SEO strategy, blockchain technology, and Web3, where she has consistently delivered impactful content initiatives and engaged audiences effectively. Since January 2022, Lynn has been at the forefront of content and community efforts for BeInCrypto Indonesia. Under her leadership, the platform has witnessed remarkable growth,...
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