Ripple CEO Brad Garlinghouse predicts that the entire cryptocurrency market value could double in 2024, exceeding $5 trillion. He attributes this potential surge to the upcoming Bitcoin halving and the launch of the first US Bitcoin ETF. Garlinghouse believes that these macroeconomic factors, combined with positive regulatory developments in the US, will drive the market’s value to double from its current standing.
He 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.”
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Garlinghouse explained that the introduction of the first US spot Bitcoin ETFs is driving real institutional money into the cryptocurrency market. This, he believes, is a significant milestone for cryptocurrency investment in the US, providing both institutional and retail investors a way to invest in Bitcoin indirectly without owning the actual cryptocurrency.
Ripple CEO Brad Garlinghouse expects the total market value of the cryptocurrency market to double this year, surpassing $5 trillion. Reasons include ETFs, the Bitcoin halving, and the potential for positive regulatory momentum in the United States. https://t.co/NBY2sIW0tI
— Wu Blockchain (@WuBlockchain) April 8, 2024
The upcoming Bitcoin halving event is also anticipated to have a significant impact on the market. This event reduces the reward for mining new Bitcoin blocks by half, effectively limiting the supply of new Bitcoins entering the market and controlling inflation. The last halving occurred in 2020, with the next expected to happen later this month, highlighting the built-in scarcity feature of Bitcoin and its impact on the market.
bitcoin is consolidating above the previous all time high
being bearish is not an option pic.twitter.com/8T8MDYAZMv
— Teddy (@TeddyCleps) April 8, 2024
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As of April 4, the total market capitalization of the cryptocurrency sector stood at approximately $2.6 trillion. Doubling this figure would suggest a projected market cap of around $5.2 trillion. Bitcoin has seen a significant surge, increasing over 140% in the past year alone, reaching a peak above $73,000 on March 13. Despite this, it has since retreated below the $70,000 mark.