Ripple CEO Brad Garlinghouse anticipates significant growth in the crypto market, projecting it to double to $5 trillion by the end of 2024. His optimism stems from various key events and favourable regulatory developments shaping the industry’s landscape.
Factors Driving Crypto Market Growth
Garlinghouse points to several macroeconomic factors driving the crypto market’s upward trajectory. These include the anticipation of a spot Bitcoin ETF and the upcoming Bitcoin halving event, which is expected to trigger a substantial rally in the crypto space. He highlights the increasing demand from institutional investors and the simultaneous reduction in supply as significant drivers of market expansion.
The impending Bitcoin halving event, set to occur in just 12 days, is anticipated to create a supply shock, leading to a surge in Bitcoin prices. Garlinghouse emphasizes that these macro factors collectively contribute to the doubling of the crypto market cap by the end of 2024.
Also Read: Bitcoin Halving 2024: Countdown Begins
Optimism Amid Regulatory Uncertainty
Despite Ripple’s ongoing legal battle with the US Securities and Exchange Commission (SEC), Garlinghouse remains optimistic about the regulatory environment in the US. He anticipates a more favourable stance towards the crypto industry under the new administration following the US elections. With Gary Gensler at the helm of the SEC, there’s an expectation of increased clarity and potentially less hostility towards cryptocurrencies in the US market.
Garlinghouse believes that regulatory clarity in the US, as the largest economy globally, will positively impact the entire crypto market. He foresees a shift in the regulatory landscape that could provide a significant tailwind for industry growth.
Industry Veterans Echoing Optimism
Garlinghouse’s bullish outlook aligns with sentiments shared by other industry leaders. Marshall Beard, CEO of Gemini crypto exchange, predicts a robust performance for Bitcoin, forecasting its price to reach $150,000 by the end of the year. These optimistic projections underscore the growing confidence in the long-term potential of the crypto market amidst evolving regulatory dynamics and macroeconomic trends.