Ripple CEO Predicts Crypto Market Will Double to $5 Trillion by End of Year

Ripple CEO Brad Garlinghouse has made a bold prediction that the total market capitalization of the entire cryptocurrency market will double to $5 trillion by the end of 2024. In an interview with CNBC, Garlinghouse cited several factors that could contribute to this significant growth, including the emergence of spot Bitcoin exchange-traded funds (ETFs) in the United States and the upcoming Bitcoin halving event.

Garlinghouse emphasized the impact of ETFs on the crypto market, noting that they are attracting real institutional money for the first time. This influx of traditional investors into the crypto space is seen as a positive development that could drive demand for cryptocurrencies. Additionally, the Bitcoin halving event, which reduces the supply of new Bitcoins entering the market, is expected to further fuel demand and drive up prices.

The Ripple CEO’s optimism about the crypto market doubling in value is based on his experience in the industry and his observation of past trends. He believes that the combination of increasing demand from institutional investors and decreasing supply of Bitcoin will lead to a significant increase in the overall market capitalization of the crypto industry.

Garlinghouse’s prediction is supported by the performance of Bitcoin ETFs in the market. ETFs such as IBIT from BlackRock Inc and FBTC from Fidelity Investments have attracted billions of dollars in assets under management since receiving approval from the SEC. While Grayscale’s GBTC remains the largest Bitcoin investment vehicle, it has experienced significant outflows since converting from a private fund to an ETF.

Despite the challenges faced by some ETF providers, the overall trend of increasing institutional interest in cryptocurrencies bodes well for Garlinghouse’s prediction of a $5 trillion market cap by the end of the year. If his forecast proves to be accurate, it would represent a significant milestone for the crypto industry and further validate the growing mainstream acceptance of digital assets.