The CEO of Ripple (XRP), Brad Garlinghouse, has released his predictions stating that the value of the crypto market will double by the end of 2024.
Specifically, Garlinghouse believes that Bitcoin spot ETFs and the Bitcoin halving will bring the crypto market to reach 5 trillion dollars.
Ripple (XRP): CEO’s forecasts see the value of the crypto market doubling by the end of 2024
In an interview with CNBC, Brad Garlinghouse, CEO of Ripple (XRP) released his predictions, stating that the value of the crypto market will double by the end of 2024.
“THE OVERALL VALUE OF THE CRYPTOCURRENCY MARKET… IT IS EASILY PREDICTABLE THAT IT WILL DOUBLE BY THE END OF THIS YEAR… [SINCE] IT IS INFLUENCED BY ALL THESE MACRO FACTORS”
In his speech, Garlinghouse mentioned the Bitcoin spot ETF and the Bitcoin halving as macro factors that will influence the crypto market, to the point that the combined market capitalization of cryptocurrencies will reach $5 trillion this year.
“I HAVE BEEN IN THIS SECTOR FOR A LONG TIME AND I HAVE SEEN THESE TRENDS COME AND GO. I AM VERY OPTIMISTIC. I THINK THAT MACRO TRENDS, BIG THEMES LIKE ETFS, ARE PUSHING FOR THE FIRST TIME REAL INSTITUTIONAL MONEY. IT IS BEING SEEN THAT THIS IS DRIVING DEMAND, AND AT THE SAME TIME DEMAND IS INCREASING, SUPPLY IS DECREASING. YOU DON’T NEED A DEGREE IN ECONOMICS TO UNDERSTAND WHAT HAPPENS WHEN SUPPLY CONTRACTS AND DEMAND EXPANDS”.
The total market capitalization of cryptocurrencies was around 2.6 trillion dollars on April 4th. If the market were to double, we would reach a new total market capitalization of cryptocurrencies of 5.2 trillion dollars.
Ripple (XRP): optimistic forecasts on the crypto market by Garlinghouse
As anticipated, Garlinghouse mentioned some macro factors that support his super optimistic prediction for the growth of the crypto market.
First and foremost, this 2024 is the year of the bitcoin halving, the technical event that halves the total reward for bitcoin miners and already this is a factor of annual growth for Garlinghouse.
Following that, the CEO of Ripple then mentions the Bitcoin spot ETFs that have been approvedby the Securities and Exchange Commission of the USA, exactly on January 10, 2024.
This regulatory approval marked an innovative development in the United States, as well as allowed institutions and retail investors to gain exposure to bitcoin without directly owning the underlying asset.
And indeed, in this regard, Garlinghouse sees the possibility of a positive regulatory momentum in the United States as an additional growth factor for the crypto market this year.
It is no coincidence that, being 2024 an election year, hopes on cryptocurrencies are optimistic that the next administration will be more accommodating towards the cryptocurrency industry with its policies.
In this regard, here are the words of Ripple’s CEO:
“REGARDING THE MACROECONOMIC BENEFITS FOR THE SECTOR, I WOULD LIKE TO SAY ONE THING: I THINK THERE WILL BE MORE CLARITY IN THE UNITED STATES. THE UNITED STATES IS STILL THE LARGEST ECONOMY IN THE WORLD AND UNFORTUNATELY HAS BEEN ONE OF THE MOST HOSTILE MARKETS TO CRYPTOCURRENCIES. AND I BELIEVE THAT THIS WILL ALSO BEGIN TO CHANGE.”
Ripple’s stablecoin anchored to the US dollar
Just this month, Ripple announced its intention to introduce its stablecoin anchored to the US dollar by the end of the year.
This new stablecoin signed by Ripple should be 100% guaranteed by reserves in dollars, short-term American government securities, and other equivalent liquid assets.
The crypto company aims to publish monthly attestations related to reserves to maintain transparency and trust in the market over time.
Specifically, the stablecoin will be available on both XRP Ledger (XRPL) and Ethereum (ETH), with plans to expand to other blockchains and DeFi in the future.
