Ripple CEO: Cryptocurrency market capitalization to double by the end of 2024

Ripple CEO: Cryptocurrency market capitalization to double by the end of 2024 Picture 1

The total capitalization of the digital money market could double in 2024. This is the opinion of CEO of Ripple startup Brad Garlinghouse on April 8 during an interview. interview with CNBC channel.

Mr. Garlinghouse said that as a person with long experience, he has seen these trends come and go. He expressed optimism about the future development of the digital currency market, and cited two macro trends affecting market growth.

The first is the emergence of Bitcoin ETFs - bringing real investments into the digital currency market for the first time. Second, the halving event - an important event, involving the halving of rewards for Bitcoin miners scheduled to take place at the end of this month and every 4 years, is also considered weak. Other macro factors could push the entire digital currency market value beyond $5,000 billion.

Ripple's CEO pointed out that it is easy to predict that the total market capitalization of digital currencies will double by the end of this year, because this currency is influenced by the above macro factors. It is estimated that as of April 4, the total digital currency market capitalization was about 2,600 billion USD and if doubled, this level would be 5,200 billion USD. Over the past 12 months, the value of Bitcoin has increased by more than 140%. Meanwhile, Bitcoin accounts for about 49% of the digital money market, with a market capitalization of 1,300 billion USD (as of April 1).

One of the other factors that Mr. Garlinghouse sees will push the digital currency market to new record highs is the possibility of US authorities paying more attention to the management of this currency. 2024 is the year of the US presidential election and those interested in digital currency are optimistic that in the near future Washington can provide more support for this field with more specific policies.

Mr. Garlinghouse commented that in recent times, the US Securities and Exchange Commission (SEC) has stepped up regulations for digital currency companies, including Ripple. According to Ripple's CEO, the US is the world's largest economy and also one of the most competitive digital currency markets. He emphasized that this will change.

Not only Mr. Garlinghouse, previously in an interview with CNBC channel, Mr. Marshall Beard, CEO of Gemini Digital Currency Exchange, also predicted that Bitcoin could increase to 150,000 USD by the end of this year.

Marvin Fry

Update 09 April 2024