Ripple CEO Predicts Cryptocurrency Market to Reach $5 Trillion by the End of the Year

In a daring prediction shared on CNBC, Ripple CEO Brad Garlinghouse has foreseen significant expansion in the cryptocurrency market, estimating that its total value could reach $5 trillion by the end of 2024.
Garlinghouse has based his positive outlook on various macroeconomic factors, including the recent approval of the first U.S. Bitcoin ETFs and the upcoming Bitcoin halving.
Market Expansion Driven by Institutional Adoption
Garlinghouse emphasized the first macroeconomic change: the increasing involvement of institutional investors in the cryptocurrency market since the launch of Bitcoin ETFs.
“I have been involved in this industry for a long time, and I have witnessed these trends come and go,” Garlinghouse told CNBC. “I am very optimistic. I believe the macro trends, the bigger picture elements like the ETFs, are attracting genuine institutional money for the first time.”
Crypto coin ETFs have revolutionized the market by allowing institutional and retail investors to access Bitcoin without direct ownership.
Furthermore, the imminent Bitcoin halving event, scheduled to occur this year after four years, followed the Bitcoin Cash halving earlier this month. Historical patterns have shown that Bitcoin halving impacts market dynamics and has driven up the price of Bitcoin to new all-time highs. The halving reduces the reward for Bitcoin miners, thus decreasing the available supply of new bitcoins.
“You can see that this is driving demand, and at the same time, demand is increasing while supply is decreasing,” Garlinghouse stated. “It doesn’t require an economics major to understand what happens when supply contracts and demand expands.”
Positive Regulatory Momentum
Garlinghouse also noted that changes in the current regulatory approach by U.S. regulatory bodies towards a potentially more positive and understanding stance could act as a catalyst for market growth.
“One of the things I will say about the macro tailwinds for the industry: I think we will gain more clarity in the United States,” Garlinghouse commented. “The U.S. is still the largest economy in the world, and unfortunately, it has been one of the more hostile crypto markets. And I think that will begin to change as well.”
It was quite surprising to hear this from the CEO of Ripple, whose company has been hit with a massive $1.95 billion in fines and penalties, surpassing their profits from the sale of unregistered XRPs.
Soon after the SEC’s motion to impose a $2 billion fine on Ripple, the crypto market experienced significant volatility in the price of XRP.
Ripple whale investors quickly initiated a selling spree, offloading over 290 million XRP coins worth approximately $180 million. This substantial sell-off further drove prices down, resulting in a 13% decline since March 29.
The price of XRP is likely to consolidate around $0.60 in the coming days, awaiting a decisive breakthrough above critical resistance levels.
If Garlinghouse’s forecast comes true, the cryptocurrency market will witness exponential growth, reaching a new milestone of $5 trillion in total value.
Nevertheless, Garlinghouse’s optimistic sentiment aligns with that of other industry insiders, such as Marshall Beard, COO of Gemini exchange, who predicted a surge in Bitcoin prices to $150,000 later this year. The combination of factors, including regulatory clarity, ETF adoption, and supply dynamics, fuels hope for sustained market expansion.