Brad Garlinghouse, CEO of Ripple, expressed optimism about the future of the cryptocurrency market. The total market value is expected to reach $5 trillion by the end of 2024.
In a recent CNBC interview, he pointed to several factors fueling his bullish outlook, including important macroeconomic factors and regulatory momentum.
Will US regulation lead to a boom in the cryptocurrency market?
His most important predictions are the introduction of the first US spot bitcoin exchange-traded funds (ETFs) and a 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 is associated with price appreciation. After the last halving in May 2020, the price of Bitcoin has skyrocketed from $8,590 to $69,600 at the time of writing.
Additionally, since the halving in 2020, the total market capitalization of cryptocurrencies has increased by more than 1,040%, rising to $2.72 trillion by April 8, 2024, at the time of the Asian market, according to data from CoinGecko.
Read more: What is Bitcoin halving?
Furthermore, Garlinghouse emphasized that positive regulatory developments in the US could boost the cryptocurrency market.
“I think we'll get more [regulatory] “Clarity in the United States,” Garlinghouse said.
Previously, BeInCrypto reported in March that Rep. Patrick McHenry, Republican chairman of the House Financial Services Committee, indicated a growing likelihood of legislation providing regulatory clarity for cryptocurrencies. Clearer regulations encourage stability and ultimately attract traditional industry giants to the sector.
As a major player in the cryptocurrency space, 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 an unregistered security. Garlinghouse's forecast reflects widespread hope that the industry will see progress on this front.
Read more: Everything you need to know about Ripple and the SEC
The Ripple CEO's optimism reflects a broader belief among industry experts. Many analysts expect the price of Bitcoin to exceed $100,000 by the end of the year. Growing institutional interest in various cryptocurrency-based ETFs, including those focused on Ethereum (ETH), supports this bullish outlook.
Moreover, venture capital giants such as Galaxy Digital, Paradigm, and a16z this year continue to invest heavily in cryptocurrency projects, Web3, and startups. These trends reinforce that this asset class holds great potential for the future.
Disclaimer
Adhering to the Trust Project guidelines, BeInCrypto is committed to unbiased and transparent reporting. This news article aims to provide accurate and timely information. However, readers are advised to verify the facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy and Disclaimer have been updated.
