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Is it The Right Time to Invest In Crypto?
Brad Garlinghouse, CEO of blockchain startup Ripple, has forecasted that the combined market capitalization of the cryptocurrency market will surpass $5 trillion by the end of 2024. In an interview with CNBC, Garlinghouse highlighted several macro factors driving this anticipated growth.
Garlinghouse emphasized the impact of significant developments in the crypto landscape, including the approval of the first U.S. spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC). These ETFs enable both institutional and retail investors to access bitcoin without direct ownership of the underlying asset, potentially driving substantial institutional investment into the market.
Additionally, Garlinghouse pointed to the upcoming bitcoin “halving,” a technical event occurring approximately every four years that reduces the mining reward for bitcoin miners. This event, coupled with increasing demand and decreasing supply, is expected to further propel the growth of the crypto market.
The CEO expressed optimism about the potential positive regulatory momentum in the United States, especially with the upcoming election year. Garlinghouse believes that a more favorable regulatory environment could contribute to the continued expansion of the crypto industry.
The total crypto market capitalization currently stands at around $2.6 trillion as of April 4, with bitcoin alone accounting for approximately 49% of the market. Garlinghouse’s prediction suggests that the market could double in size, reaching a new total market cap of $5.2 trillion by the end of 2024.
Garlinghouse’s outlook aligns with other industry experts, including Marshall Beard, Chief Operating Officer of U.S. crypto exchange Gemini, who anticipates significant gains for the crypto market this year. Beard predicts that the bitcoin price could surge to $150,000 later in 2024, driven by factors such as adoption, new regulations, ETFs, and the bitcoin halving event.
