- Ripple CEO Brad Garlinghouse predicts the overall crypto market capitalization will double to $5 trillion by the end of 2024.
- He cites factors like the arrival of the first US spot bitcoin exchange-traded funds (ETFs) and the upcoming bitcoin halving event as catalysts for this growth.
- Garlinghouse also expects positive regulatory momentum for crypto in the US, driven by the upcoming election year.
Ripple CEO Brad Garlinghouse predicts that the total crypto market capitalization will double to $5 trillion by the end of 2024. He cites several macroeconomic factors driving this growth.
Increasing Demand, Decreasing Supply
Garlinghouse points to the arrival of the first US spot bitcoin exchange-traded funds (ETFs) as a driver of institutional investment and demand for crypto assets. At the same time, he notes that the upcoming bitcoin halving event will decrease the supply of new bitcoin being minted. Garlinghouse argues basic economics suggests that when supply contracts and demand expands, prices tend to rise.
Regulatory Clarity in the US
In addition, Garlinghouse expects increased regulatory clarity for cryptocurrencies in the US during the election year. He notes the US is still the world’s largest economy but has had a hostile stance toward crypto. Increased regulatory certainty could further boost adoption and prices.
Other Industry Players See Big Gains
Garlinghouse isn’t alone in his bullish view. Marshall Beard, COO of Gemini exchange, also expects major price appreciation this year, predicting bitcoin could reach $150,000 in 2022 on the back of factors like the halving and rising institutional adoption.
The crypto market saw massive gains in 2021. But if industry leaders like Garlinghouse and Beard are right, 2022 could see even more dramatic growth. With macro tailwinds driving demand and key technical changes reducing supply, the total crypto market cap seems poised to exponentially expand.
