beincrypto.com
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?
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.
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.