Ripple CEO Brad Garlinghouse expressed his optimism about the cryptocurrency market, predicting that its total value will double by the end of 2024.
Ripple CEO Predicts Cryptocurrency Market Value to Double by Year-End
According to CoinMarketCap data, the global crypto market value currently stands at approximately $2.60 trillion.
Garlinghouse highlighted several macroeconomic trends that led to this optimism; these include the emergence of spot Bitcoin exchange-traded funds (ETFs), which he believes are attracting real institutional investment into crypto for the first time.
Another factor Garlinghouse points out is Bitcoin's halving event, which will take place later this month.
This event, which occurs roughly every four years, reduces the mining rewards given to Bitcoin miners by half. Historically, Bitcoin halvings have occurred before crypto price rallies.
Garlinghouse suggested that these factors could push the entire crypto market cap beyond $5 trillion.
As analysts from the Coinbase exchange noted, Bitcoin's recent high may indicate that the market is already taking the upcoming halving event into account.
In addition to market dynamics, Garlinghouse expects increased regulatory clarity in the United States following this year's elections, which could positively impact the crypto space.
In particular, the US Securities and Exchange Commission (SEC) has a negative and restrictive stance on crypto, as evidenced by its ongoing legal dispute with Ripple Labs.
*This is not investment advice.