Crypto:
30351
Bitcoin:
$64.184
% 0.25
BTC Dominance:
%54.1
% 0.13
Market Cap:
$2.34 T
% 0.00
Fear & Greed:
53 / 100
Bitcoin:
$ 64.184
BTC Dominance:
% 54.1
Market Cap:
$2.34 T

Ripple CEO Bullish on Crypto Market: $5 Trillion Market Cap by 2024 End

Ripple

Brad Garlinghouse, CEO of Ripple, expresses optimism regarding potential favorable changes in US crypto regulations under the new administration following the US elections.

Garlinghouse foresees a positive trajectory for the crypto market in 2024, with expectations of doubling in size by the end of the year. With the overall crypto market cap already experiencing a 60% increase since the start of the year, reaching $2.58 trillion, Garlinghouse predicts it will surpass $5 trillion by the year’s end.

Anticipated Key Events Driving Crypto Markets Higher

The Ripple CEO highlights various macro factors contributing to this optimistic outlook, including the introduction of a spot Bitcoin ETF and the upcoming Bitcoin halving, expected to trigger a significant rally in the crypto space. Speaking to CNBC, Garlinghouse emphasizes:

“I’ve observed the industry for a considerable time, and I’ve witnessed these trends come and go. My outlook is very positive. I believe macro trends, such as the emergence of ETFs, are attracting genuine institutional investment for the first time. This increased demand, coupled with decreasing supply, is a clear indicator of what happens when supply contracts and demand expands.”

The highly anticipated Bitcoin halving event, only 12 days away, is expected to result in a substantial supply shock, driving the Bitcoin price upwards. Garlinghouse asserts that “the overall market cap of the crypto industry… is easily predicted to double by the end of this year… [as it’s] influenced by all of these macro factors.”

Optimism Regarding Crypto Regulation

Despite ongoing legal challenges with the US Securities and Exchange Commission (SEC), Garlinghouse remains hopeful about positive regulatory developments in the US that could catalyze a crypto market rally.

READ:  Genesis Seeks Bankruptcy Court Approval to Sell GBTC

With the ongoing election year, there is optimism among crypto enthusiasts that the incoming administration will adopt a more favorable stance towards the industry in its policy approach.

Under the leadership of Chair Gary Gensler, the SEC has shown proactive measures in enforcing regulations on crypto companies, including Ripple. Garlinghouse notes:

“I anticipate more regulatory clarity in the United States. Despite being one of the largest economies globally, the US has unfortunately been one of the more hostile crypto markets. I believe this sentiment is beginning to shift.”

In addition to Garlinghouse’s sentiments, other prominent figures in the crypto space have also predicted a positive outlook for the market. Marshall Beard, CEO of the Gemini crypto exchange, anticipates the Bitcoin price rallying to $150,000 by year-end.

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