- The upcoming bitcoin halving, expected to decrease the rate of new bitcoins, has historically led to price increases due to reduced supply.
- Garlinghouse’s forecast aligns with industry optimism, supported by potential regulatory improvements and increased adoption, promising a market growth.
Brad Garlinghouse, who leads Ripple as its CEO, anticipates the cryptocurrency market’s value will escalate to $5 trillion by the end of 2024. He bases this expectation on the debut of the United States’ first spot bitcoin exchange-traded funds (ETFs) and a forthcoming bitcoin halving event. These particular events are foreseen to significantly contribute to the market’s expansion.
🚀💰 Get ready for a wild ride in the crypto sphere! #Ripple CEO predicts the market will skyrocket to $5 trillion by the end of 2024, driven by ETFs, halving, and shifting regulations. With Bitcoin leading the charge, could Ethereum or #XRP dethrone the crypto king?🌐📈 pic.twitter.com/GaKJbnYZ2G
— Marcel Knobloch aka Collin Brown (@CollinBrownXRP) April 8, 2024
The bitcoin halving, scheduled to occur this month, will reduce the reward for mining new bitcoins, thereby decreasing the rate at which new bitcoins are introduced. This event is expected to affect bitcoin’s price positively, as previous halvings have led to price increases due to the reduced supply of new bitcoins.
“I’ve been around this industry for a long time, and I’ve seen these trends come and go,” Garlinghouse told CNBC. “I’m very optimistic. I think the macro trends, the big picture things like the ETFs, they’re driving for the first time real institutional money.”
Related: XRP’s Ripple Effect: Breaking Through Consolidation After Bitcoin Halving
Currently, the total value of the cryptocurrency market is approximately $2.6 trillion. If the market value doubles as Garlinghouse predicts, it would imply a total market value of about $5.2 trillion.
“The overall market cap of the crypto industry … is easily predicted to to double by the end of this year … [as it’s] impacted by all of these macro factors,” Garlinghouse said.
This increase would reflect the growing acceptance of cryptocurrencies in the mainstream financial sector and the rising interest from both private and institutional investors.
In addition to these factors, Garlinghouse has cited the potential for more favorable regulatory conditions in the United States as a factor that could further propel the market’s growth. With an election year underway, there is optimism that the new administration might implement policies more accommodating to the cryptocurrency industry.
Garlinghouse’s optimistic forecast is not isolated within the industry
This is particularly relevant given the regulatory challenges Ripple and other cryptocurrency firms have faced, underscoring the industry’s need for clearer regulatory guidelines.
Other experts, such as Marshall Beard from the cryptocurrency exchange Gemini, have also expressed expectations for significant growth in bitcoin’s value and the broader cryptocurrency market.
These predictions are supported by the potential for regulatory advancements, technological developments, and increased adoption, setting the stage for substantial growth in the cryptocurrency market.
The current price of Ripple (XRP-USD) is approximately $0.606442, showing an increase of $0.009615 or 1.61% from its last close. Today’s trading range is from $0.589404 to $0.606442.
