Ripple CEO Predicts Cryptocurrency Market Cap to Double to $5 Trillion by End of 2024

In an exciting forecast, Ripple's CEO, Brad Garlinghouse, predicts a meteoric rise in the cryptocurrency market cap to $5 trillion by the end of 2024.

This optimistic projection is backed by significant industry milestones, including the Bitcoin halving event and the introduction of physical Bitcoin ETFs, alongside potential favorable shifts in U.S. cryptocurrency regulation.

Dive into the full details of this bullish outlook and what it could mean for investors and the crypto landscape.

Surge in Demand & Reduction in Supply to Double Cryptocurrency Market Cap

In a report by CNBC, Brad Garlinghouse, the CEO of Ripple, has forecasted that the total market capitalization of cryptocurrencies will double to $5 trillion by the end of 2024.

The reasons cited for this anticipated increase include the "Bitcoin halving" and the "introduction of physical Bitcoin ETFs".

Garlinghouse commented, "Given all these macro factors affecting the entire cryptocurrency industry, it's easy to predict that the market cap could double by the end of 2024."

I have been involved in this industry for a long time and have seen such trends come and go. I am very optimistic. For the first time, macro trends and ETFs are moving real institutional investor money.

As supply decreases simultaneously with an increase in demand, what happens next should be obvious even to those who have not studied economics.

The halving refers to the event where the reward amount mined for Bitcoin is halved, which is expected to occur around April 20, 2024.

Physical Bitcoin ETFs, which are Exchange-Traded Funds backed by actual Bitcoin, have seen substantial capital inflows since the start of their trading in the United States in January this year.

Potential Changes in U.S. Cryptocurrency Regulation?

Another factor Garlinghouse believes will push the cryptocurrency market upwards is "cryptocurrency regulation in the United States".

With the presidential election scheduled in November 2024, individuals in the cryptocurrency sector are optimistic that the next administration will adopt more effective policies towards the cryptocurrency industry.

Ripple is currently in a legal battle with the U.S. Securities and Exchange Commission (SEC) regarding the security status of its cryptocurrency, XRP. Garlinghouse predicts that cryptocurrency regulation in the U.S. will become clearer, stating,

The U.S. is still the world's largest economy, but unfortunately, it is also one of the most hostile markets towards cryptocurrencies. However, that is beginning to change.

Many experts predict significant price increases in the cryptocurrency market in 2024, including ARK Invest's CEO, Cathie Wood, who reported that "following the launch of the physical Bitcoin ETF, investors are beginning to shift from gold to Bitcoin".

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