Ripple CEO Brad Garlinghouse said the total market capitalization of cryptocurrencies will likely double by the end of 2024, according to a CNBC report published on Sunday. Current global crypto market cap stands at around $2.59 trillion, CoinMarketCap data watch.
Garlinghouse said CNBC that he is “very optimistic” about macroeconomic trends in crypto, such as the emergence of spot bitcoin exchange-traded funds (ETFs), which he says have generated “real” institutional investment for the first time in cryptography.
Bitcoin halving eventprovided for later this month, is another macro factor that could push the total value of the crypto market beyond $5 trillion, according to Garlinghouse. The halving event, which occurs approximately every four years, cuts Bitcoin miners’ mining rewards in half.
Bitcoin halvings have often preceded cryptocurrency price rises in the past. Coinbase Exchange Analysts said The Block reported earlier this month that Bitcoin’s recent all-time high could indicate that the market has already priced in the upcoming halving event.
The Ripple CEO also said he expects more regulatory clarity in the United States after the country’s new administration takes office following this year’s elections. The United States Securities and Exchange Commission has expressed negative and restrictive views on the crypto space, exemplified by its long-standing engagement. legal dispute with Ripple Labs.
Meanwhile, Ripple recently announcement that it is entering the stablecoin market dominated by USDT and USDC. Its stablecoin project, pegged to the US dollar, is expected to launch on XRP Ledger and Ethereum.
David Schwartz, Ripple’s chief technology officer, said his project aims to drive institutional adoption of the stablecoin at the enterprise level, and that his experience with regulatory compliance will give his stablecoin a “head start” on the market.
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About the Author
Danny Park is an East Asia reporter at The Block who writes about topics including Web3 developments and crypto regulations in the region. He was formerly a reporter at Forkast.News, where he actively covered the fall of Terra-Luna and FTX. Based in Seoul, Danny has previously produced written and video content for media companies in Korea, Hong Kong and China. He holds a bachelor’s degree in journalism and business marketing from the University of Hong Kong.