April 10, 2024
By Anjali Kochhar
Brad Garlinghouse, the CEO of Ripple, a blockchain startup, has made a bold prediction about the future of the cryptocurrency market. He believes that by the end of 2024, the combined value of all cryptocurrencies will soar to over $5 trillion, doubling its current size. Garlinghouse’s optimism stems from several key factors, including the recent approval of the first U.S. spot bitcoin exchange-traded funds (ETFs) and an upcoming event known as the bitcoin “halving.”
“I’ve been around this industry for a long time, and I’ve seen these trends come and go,” Garlinghouse expressed in an interview with CNBC. “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.”
Garlinghouse pointed out that the approval of U.S. spot bitcoin ETFs on January 10 by the U.S. Securities and Exchange Commission (SEC) is a significant development. These ETFs, which trade on U.S. stock exchanges, allow both institutional and retail investors to gain exposure to bitcoin without directly owning the cryptocurrency. Additionally, the upcoming bitcoin halving event, scheduled to take place later this month, is expected to further impact the market dynamics.
The bitcoin halving, occurring approximately every four years, reduces the total mining reward given to bitcoin miners. This event, combined with increasing demand and decreasing supply, is anticipated to contribute to the market’s growth.
As of April 4, the total crypto market capitalisation stood at around $2.6 trillion. Garlinghouse’s prediction implies that this figure could double to reach $5.2 trillion by the end of the year.
Bitcoin, the leading cryptocurrency, has experienced significant growth in recent months, with its price surging by more than 140% over the past year. Despite hitting a record high above $73,000 in March, it has since experienced fluctuations in its value.
Garlinghouse also highlighted the potential impact of regulatory developments, particularly in the United States, on the crypto market. He expressed optimism that the regulatory environment in the U.S. could become more favourable for the industry, especially with a new administration in an election year.
“The U.S. is still the largest economy in the world, and it’s unfortunately been one of the more hostile crypto markets. And I think that’s going to start to change, also,” Garlinghouse stated.
Garlinghouse’s bullish outlook on the crypto market is shared by others in the industry. Marshall Beard, the chief operating officer of U.S. crypto exchange Gemini, predicts that the price of bitcoin could reach $150,000 later this year. Beard emphasised the rapid pace of adoption, regulatory developments, and supply dynamics as factors driving this upward trend.
“Everything went up so fast already this year, there’s just a lot of activity, a lot of adoption, new regulation, ETFs, the halving, miners needing to get out,” Beard explained. “You’re going to see violent moves up and down until that new all-time high, which I think will be $150,000.”
Therefore, Garlinghouse’s forecast of a $5 trillion crypto market by the end of 2024 reflects growing optimism fuelled by regulatory advancements, institutional investment, and key events such as the introduction of bitcoin ETFs and the upcoming halving.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.
