Ripple CEO Brad Garlinghouse maintains a positive outlook on the crypto market’s performance in 2024, foreseeing a doubling in size by year’s end. With the broader crypto market cap already up 60% since the beginning of the year, reaching $2.58 trillion, Garlinghouse anticipates it will surpass $5 trillion by the end of the year.
The Ripple CEO cited some of the macro factors as well as the arrival of spot Bitcoin ETF, and the upcoming Bitcoin halving, which will trigger a major rally in the crypto space. Speaking to CNBC, Garlinghouse 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, they’re driving for the first time real institutional money. You’re seeing that drives demand, and at the same time demand is increasing, supply is decreasing. That doesn’t take an economics major to tell you what happens when supply contracts and demand expands.”
The much-awaited Bitcoin halving event is just 12 days from here which will lead to a major supply shock thereby driving the Bitcoin price higher. “The overall market cap of the crypto industry … is easily predicted to double by the end of this year … [as it’s] impacted by all of these macro factors,” Garlinghouse said.
Despite their ongoing legal battle with the US SEC, Ripple CEO Brad Garlinghouse is optimistic about the positive regulatory momentum in the US that will prove to be a catalyst for the crypto market rally.
With this being an election year, there’s optimism among crypto enthusiasts that the next administration will adopt a more favorable stance towards the industry in its policy approach.
Under Chair Gary Gensler, the SEC has demonstrated a proactive stance in enforcing regulations on crypto companies, including Ripple. Garlinghouse added:
“One of the things actually I’ll say on the macro tailwinds for the industry: I think we will get more clarity in the United States. The U.S. is still the largest economy in the world, and it’s unfortunately been one of the more hostile crypto markets. And I think that’s going to start to change, also.”
Apart from the Ripple CEO, some of the top veterans from the crypto space have been also predicting a bright year for the crypto market. Marshall Beard, the CEO of crypto exchange Gemini, said that he expects the Bitcoin price to rally to $150,000 by the year-end.
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