- Brad Garlinghouse, CEO of Ripple, projects cryptocurrency market capitalisation to exceed $5 trillion this year, fueled by bitcoin halving event and financial products like ETFs.
- Garlinghouse’s optimism stems from evolving market dynamics, including increasing institutional interest and a tightening supply-demand balance, indicating potential for substantial growth despite regulatory challenges.
OUR TAKE
Bitcoin’s market capitalisation soared to $1.4 trillion on March 11, buoyed by the continued momentum of spot ETFs. Many experts express their opinions regarding the 2024 bitcoin market. Alex Chizhik, COO of the Chamber of Digital Commerce, hailed the approval of the spot bitcoin ETF in 2024 as a watershed moment for the cryptocurrency landscape, anticipating it to catalyse further growth and institutional adoption. Stefan Rust, CEO of independent economic data aggregator Truflation, echoed this sentiment, expressing confidence in bitcoin’s trajectory and its potential to outpace gold, which currently boasts a market capitalisation nearing $14 trillion. Their insights underscore the growing confidence in bitcoin’s long-term viability and its ability to reshape the financial landscape.
–Sylvia Shen, BTW Reporter
Brad Garlinghouse, the CEO of blockchain firm Ripple, predicts this year will see the total market capitalisation of cryptocurrencies surpass $5 trillion.
Ripple CEO foresees market doubling
Garlinghouse anticipates the cryptocurrency market’s value to double, with the current bitcoin market cap standing at $1.36 trillion.
He also highlighted several factors, including the upcoming “halving” of bitcoin and the introduction of the first spot exchange-traded fund for bitcoin in the United States, which could potentially further increase bitcoin’s market capitalisation.
Garlinghouse said in an interview with CNBC: “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.”
Also read: Bitcoin price forecast: 5 experts look to 2024 and beyond
Crypto community optimistic for regulatory shifts
Brad Garlinghouse identifies positive regulatory developments in the US as a crucial driver for propelling the cryptocurrency market to unprecedented highs.
With this year being an election year, there’s an anticipation within the crypto community for a more favorable stance from the incoming administration, especially in light of the SEC’s assertive actions under Chair Gary Gensler.
Also read: Hut 8 CEO: Bitcoin miner bankruptcies will be less common this cycle
The SEC’s stringent approach to cryptocurrencies, evident in its legal pursuit of Ripple for allegedly selling XRP as unregistered securities, underscores this regulatory environment.
Despite this, Garlinghouse remains hopeful, foreseeing improved regulatory clarity in the US, given its status as the world’s largest economy.
Marshall Beard, COO of Gemini, echoes this sentiment, projecting significant growth in the crypto market, with bitcoin potentially reaching $150,000 later this year.
