Ripple CEO: Cryptocurrency Market Will Reach $5 Tn By 2024

The cryptocurrency market has exploded in the last few years. After the legalization of crypto in many countries, the market has increased by many folds. Now, Brad Garlinghouse, the CEO of Ripple blockchain, has made a massive claim. He said the combined cryptocurrency market would double and reach over $5 trillion by 2024. 

Brad told CNBC that factors, including the introduction of the first U.S. sports Bitcoin Exchange-traded fund and the supposed upcoming Bitcoin ‘Halving,’ will drive the value of cryptocurrency to $5 trillion in 2024. Brad Said, “I’ve been around this industry for a long time, and I’ve seen these trends come and go. I’m very optimistic. I think the macro trends, the big-picture things like the ETFs, are driving real institutional money for the first time.”

Moreover, the introduction of ETFs plays a vital role in this. The US Sport ETFs were first approved by the US Securities and Exchange Commission (SEC) on Jan 10, 2024. ETFs are traded funds of Bitcoin, which will be listed on the stock exchanges in the USA, and people will be able to invest in these ETFs without having to buy the underlying asset, i.e., bitcoin. This will further drive the value of Bitcoin, which has already touched an all-time high this year. Moreover, the introduction of ETF will allow people to invest indirectly in various blockchains and their tokens, making the marketplace even more accessible than before. 

Another thing that will supposedly drive the value of the combined cryptocurrency market is Bitcoin’s ‘Halving.’ The Halving is a technical event that occurs periodically every four years in Bitcoin’s case. It halves the mining reward of Bitcoin miners around the world. Bitcoin miners are basically people who use high-powered GPUs and computers to mash the crypto data and generate new tokens. The last Bitcoin ‘halving’ was done in 2020, so the next session is expected to happen later this month. Garlinghouse also said, “The overall market cap of the cryptocurrency industry … is easily predicted to double by the end of this year, [as it’s] impacted by all of these macro factors.”

The total capitalization of the cryptocurrency market was valued at around $2.6 trillion in April 2024. If the market cap doubles, it will reach a whopping $5.2 trillion. To keep things in perspective, Bitcoin raised 140% in the last 12 months and reached its all-time high record of $73,000 on March 13, 2024. Bitcoin accounts for about 49% of all the cryptocurrency in the market and has a market cap of around $1.3 trillion. This makes it the world’s largest cryptocurrency, which has been the main token driving the gains in the cryptocurrency market. However, it has come down to below $70,000 ever since.

US Crypto Regulations Impact On The Crypto Market

Brad also pointed out that positive cryptocurrency momentum in the United States could help the market grow exponentially. The US is scheduled to have elections in 2024. Crypto hopefuls are optimistic that the new government will ease its regulations on the crypto market. They believe that the new administration can be more accommodating to the crypto industry in its policies and strategies. 

According to Brad, the current administration and the federal executives have made it hard for people to deal in crypto. The SEC under-chair Gary Gensler has been quite aggressive in its law enforcement of crypto firms and companies, including Ripple. Recently, the SEC also sued Ripple, saying that they had illegally sold XRP, a token associated with the Ripple blockchain. However, Ripple has denied all the claims and is fighting the lawsuit in court. 

Garlinghouse also shed some light on this topic and said, “The U.S. is still the largest economy in the world, and it’s unfortunately been one of the more hostile cryptocurrency markets. And I think that’s going to start to change, also.

Moreover, Garlinghouse is not the only crypto bull who is optimistic about the future of cryptocurrency. The chief operating officer of the US Crypto Exchange Gemini also said that considering the recent developments, he believes that Bitcoin will reach around $150,000 by the end of this year. He told CNBC, “You’re going to see violent moves up and down until that new all-time high, which I think will be $150,000. It will probably happen this year. I think it moves so fast … and I think that momentum, the supply shock, it moves crazy quickly.”

Is It The Right Time To Invest In Crypto?

This push has made the Cryptocurrency market a great opportunity to invest and earn a solid return on investment. Moreover, along with bitcoin, the second biggest blockchain in the crypto world, Ethereum has also seen robust growth in the last few months. Many experts believe that Ethereum will surpass Bitcoin in the coming years, but there is no assurance. However, one thing is certain: the cryptocurrency market will greatly increase in the next few years. That said, make sure you study the market extensively before investing, as the cryptocurrency market is highly volatile. 

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