May 29, 2024

Ripple’s CEO predicted that the cryptocurrency market will grow to over $5 trillion by the end of the year.

brad_garlinghaus
brad_garlinghaus

The market capitalization of cryptocurrencies in 2024 will double and exceed $5 trillion. This opinion was expressed by Ripple CEO Brad Garlinghaus in an interview with CNBC.

He noted that he is “very optimistic” about macroeconomic trends such as the introduction of spot Bitcoin ETFs in the U.S., which will “first bring real institutional money.”

Garlinghaus also pointed to the upcoming halving, which will halve the block reward.

“You see that this stimulates demand, while supply decreases. You don’t need to have expertise in economics to explain what’s happening,” he said.

In March, CoinShares’ head of research, James Butterfill, suggested that exchange-traded Bitcoin funds will face a wave of demand in the coming months. Bitwise’s investment director, Matt Hougan, forecasted a 3% share of the first cryptocurrency in asset managers’ portfolios.

Another factor that Garlinghaus believes will push the crypto market to new highs is the possibility of positive changes in regulatory policy in the U.S. after the new administration takes office.

“I really want to say one thing about the macroeconomic tailwinds for the industry: I think we will get more clarity in the United States. It is still the largest economy in the world, and unfortunately one of the most hostile markets to cryptocurrencies. And I think that will start to change too,” said the Ripple CEO.

In December 2020, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against the company, accusing it of selling unregistered securities in the form of XRP worth around $1.3 billion. Garlinghaus and Ripple co-founder Chris Larsen were also named as defendants.

In July 2023, Judge AnaLisa Torres ruled in favor of Ripple. She determined that the token sales and other distributions did not constitute an offer and sale of investment contracts.

However, according to the verdict, the distribution of tokens to major industry players violated U.S. securities laws. In October, the SEC dropped charges against Garlinghaus and Larsen.

In March, it was reported that the regulator intends to seek a $2 billion fine for the company.

Recall that in April, Ripple announced plans to launch its own stablecoin by the end of 2024.

Follow ForkLog on social media

Found a mistake in the text? Highlight it and press CTRL+ENTER

ForkLog newsletters: stay up to date with the Bitcoin industry!

Leave a Reply

Your email address will not be published. Required fields are marked *