Crypto Market May Approach $5T in Total Value By End of 2024 Due to Positive Ecosystem Developments, Ripple CEO Predicts

Ripple CEO Brad Garlinghouse recently stated that he thinks the combined value of the crypto-assets market may double this year.

As reported by CNBC, the Ripple Chief Executive has cited the approval of the US spot bitcoin (BTC) exchange-traded fund (ETFs) as well as the upcoming bitcoin halving as potential drivers of the digital assets markets.

Garlinghouse pointed out that “the overall market cap of the crypto industry … is easily predicted to to double by the end of this year … [as it’s] impacted by all of these macro factors.”

According to the Ripple CEO, a potentially positive / progressive regulatory environment in the US could result in further appreciation of crypto prices which have been surging during the latest bull market.

In statements shared with CNBC, Garlinghouse noted:

“I’ve been around this industry for a long time, and I’ve seen these trends come and go. I’m very optimistic. I think the macro trends, the big picture things like the ETFs, they’re driving for the first time real institutional money. You’re seeing that drives demand, and at the same time demand is increasing, supply is decreasing. That doesn’t take an economics major to tell you what happens when supply contracts and demand expands.”

Garlinghouse added:

“One of the things actually I’ll say on the macro tailwinds for the industry: I think we will get more clarity in the United States. The U.S. is still the largest economy in the world, and it’s unfortunately been one of the more hostile crypto markets. And I think that’s going to start to change, also.”

It’s worth noting that the US is not alone when it comes to acknowledging the potential of crypto-assets and their underlying blockchain technology. Major jurisidictions including the United Kingdom have been responding to the rise of digital assets and DLT-based platforms.

In statements recently shared with CI, Su Carpenter, Director of Operations at CryptoUK, said:

“Today we mark the second anniversary of Rishi Sunak’s speech as Chancellor calling for the UK to become a global crypto asset hub. We continue to work with the government, the Bank of England, the FCA and other policy and law makers to raise awareness of the industry and the needs of our members. We broadly welcome the government’s approach to the introduction of a regulatory framework for the cryptocurrency industry, which is important for both consumers and businesses. The UK has the skills, talent and wider ecosystem to cement its status as a truly global digital assets hope and we hope the government, and others, continue to realise this ambition.”

During the past few weeks, Bitcoin (BTC) has been trading in the $62,000 to $73,000 range. The BTC halving event, which should take effect in the coming weeks, will cut the Bitcoin supply (minting rate of BTC) in half. Although this could result in declining revenues of crypto miners, it has also resulted in many inefficient mining services being forced out of the market, while leaving some of the most solid miners in place.

At present, the Bitcoin and crypto space has matured significantly and regulators do have a much better understanding of the space than they did several years ago. Despite having an improved conceptual idea of what crypto and DeFi may offer, centralized institutions like JPMorgan, Goldman Sachs, the European Central Bank (ECB), the International Monetary Fund (IMF), among others have all been very skeptical of the long-term potential of Bitcoin, Ethereum, and other virtual currencies.

However, the numbers confirm that a modest allocation to Bitcoin and crypto-assets can greatly enhance an investment portfolio. For instance, BTC had been trading at around $1,000 in January 2017. It’s currently trading for about $72,000. Despite the volatility, crypto-assets provide a way for investors to diversify their investments and effectively hedge against uncertainty in the broader financial markets.

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