Blockchain company Ripple CEO: By the end of 2024, the cryptocurrency market will double to $50 trillion USD

According to the Zhitong Finance and Economics APP, Brad Garlinghouse, CEO of the blockchain startup Ripple, believes that the total market value of the entire cryptocurrency market is expected to double this year, surpassing $50 trillion.

Garlinghouse cited some macro factors, including the arrival of the first spot Bitcoin exchange-traded fund (ETF) in the United States, and the upcoming Bitcoin "halving" event.

He said, "I have been in the industry for a long time, witnessing trends come and go. I am very optimistic about this. Macro trends such as ETFs will for the first time drive real institutional funds." "You will see this driving demand, while supply is decreasing. What happens when supply shrinks and demand expands does not require an economics major to understand."

On January 10, the U.S. Securities and Exchange Commission (SEC) approved the first batch of U.S. spot Bitcoin ETFs. Since then, through the U.S. stock exchange, institutions and retail investors can obtain exposure to Bitcoin without directly owning the underlying asset.

At the same time, Bitcoin halving is a technical event that occurs approximately every four years in Bitcoin's history, where the mining rewards received by Bitcoin miners will be halved. Bitcoin miners are volunteers on the Bitcoin network who use high-power computers to validate transactions and mint new tokens. The last halving occurred in 2020, and the next one will be later this month.

"Due to all these macro factors affecting the cryptocurrency industry, the overall market value of the industry is expected to easily double by the end of this year," Garlinghouse said. As of April 4, the total market value of cryptocurrencies is about $2.6 trillion. If the market size doubles, it means the new total market value of cryptocurrencies will reach $5.2 trillion.

Bitcoin has been the main token driving the rise in the cryptocurrency market, rising over 140% in the past 12 months. According to CoinGecko data, Bitcoin hit a historical high of over $73,000 on March 13. However, since then, Bitcoin has fallen to well below $70,000. As of April 1, Bitcoin accounts for about 49% of the entire cryptocurrency market, with a market value of $1.3 trillion.

Positive Signs of U.S. Cryptocurrency Regulation

Garlinghouse believes that one of the other factors driving the cryptocurrency market to new highs is the possibility of positive regulatory momentum in the United States. In an election year, investors bullish on cryptocurrencies optimistically believe that the policy focus of the next government will be more favorable to the cryptocurrency industry.

Under the leadership of Chairman Gary Gensler, the SEC has always been active in enforcing regulations against cryptocurrency companies (including Ripple itself). The SEC has filed a securities lawsuit against Ripple, accusing it of illegally selling XRP, a cryptocurrency closely related to Ripple, in unregistered securities transactions. Ripple denies these charges and is fighting back "In fact, one of the things I want to say is the macro bullish factors in the industry: I believe the situation in the United States will become clearer," Garlinghouse said. "The United States is still the world's largest economy, but unfortunately, it has always been one of the more hostile countries to the cryptocurrency market. I think this situation will also begin to change."

Garlinghouse is not the only industry guru predicting lucrative returns in the cryptocurrency market this year. Marshall Beard, Chief Operating Officer of the U.S. cryptocurrency exchange Gemini, recently told foreign media at an industry conference in London that he expects the price of Bitcoin to rise to $150,000 later this year.

"Everything has been rising too fast this year, with a lot of activity, new regulations, ETFs, halving, and miners needing to exit," Beard said in an interview. "The cryptocurrency market will experience severe fluctuations until reaching a new all-time high. I believe this high point will be $150,000, and this could happen this year. The industry's momentum, supply shocks, and so on, are all developing too quickly."