Blockchain-based global payment network startup Ripple’s CEO Brad Garlinghouse has predicted that the crypto market cap will cross $5 billion by the end of 2024. He said this while speaking with CNBC on April 7. Garlinghouse rests his prediction on the prevailing macro market conditions
In particular, he picked the launch of spot bitcoin ETFs in the US market and the high interest these ETF products drew from the investors as a factor that can keep momentum and resilience in the crypto market for a significant period.
“I’ve been around this industry for a long time, and I’ve seen these trends come and go,” Garlinghouse told CNBC. “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.”
Besides, he mentioned the upcoming bitcoin halving that can spark a fresh round of bull run in the crypto market. In all three previous occasions of bitcoin halving, the event triggered a long bull run, which, going from the current $2.7 trillion market cap, can cross the $ 5 billion mark.
“You’re seeing that drives demand, and at the same time demand is increasing, supply is decreasing,” Garlinghouse said. “That doesn’t take an economics major to tell you what happens when supply contracts and demand expands.”
