Ripple’s Chief Executive Officer (CEO), Brad Garlinghouse, has boldly predicted a change in the crypto industry, envisioning a $5 trillion market capitalization for the cryptocurrency by 2024.
Ripple CEO Says Crypto Market Cap Will Double By Year End
In a recent interview with CNBC, Garlinghouse made a startling prediction, stating that the entire market capitalization of the crypto industry is set to grow to $5 trillion by the end of 2024. The significance of this estimate is critical, and not just for reasons. A staggering number but because of its ambitious timeline.
The concept of cryptocurrency was first introduced nearly 40 years ago, and since the inception of Bitcoin in 2009, the industry’s total market capitalization has grown to nearly $2.5 trillion. This massive growth in the dynamic industry has been fueled by evolutionary changes that have significantly reshaped the fundamentals of the financial sector.
Garlinghouse expects the market capitalization of the crypto industry to double in about nine months, growing to $5 trillion. This substantial growth in such a short span of time will revolutionize the industry and increase its dominance as the most profitable and thriving market in the world.
Currently, according to CoinMarketCap, the global crypto market capitalization is approximately $2.59 trillion, representing a 0.74% increase over the past 24 hours. With Bitcoin dominating more than 50% of the total cryptocurrency market, the combined market volume is around $61.98 billion.
Major Factors in Fuel Market Cap Growth
During his interview, Garlinghouse revealed several key factors that could push the crypto market capitalization to $5 trillion. The Ripple CEO revealed that macro factors, including spot bitcoin exchange-traded funds (ETFs) and the upcoming bitcoin halving event, were key catalysts for the market’s expansion.
Expressing optimism about the crypto industry, the CEO shared insights from his years of observing market trends. He emphasized that the introduction of ETFs is a key driver, attracting institutional investors globally and bringing substantial funds into the market.
Additionally, Garlinghouse pointed out that due to these macro factors, the demand for cryptocurrency is increasing and its supply is decreasing. He suggested that an imbalance between supply and demand usually causes prices to rise, eventually having a positive effect on the overall market.
The Ripple CEO also said that he expects more regulatory clarity in the crypto industry, particularly in the United States. He indicated the possibility of favorable changes in crypto regulations after the country’s election and transition to a new administration.