The CEO of Ripple estimated that the next halving and Bitcoin ETFs would contribute to the industry's potential growth to $5 trillion by 2024.
To that end, Garlinghouse highlights the necessity for more defined U.S. regs by 2024 to fuel institutional adoption and use of crypto.
Ripple intends to expand its worldwide payment solutions and provide a stablecoin backed by the US dollar.
Ripple CEO Brad Garlinghouse said that it is possible for the complete cryptocurrency market to double by the end of 2024 and have a value as high as $5 trillion. And that has positive macroeconomic drivers on its side such as the roll out of U.S. spot Bitcoin ETFs and an upcoming Bitcoin halving event, which bodes well for this prediction. In addition to these key factors, a tightening supply and a rise in demand, Garlinghouse predicts an optimistic market.
https://twitter.com/RipBullWinkle/status/1840714149694681367 Bitcoin ETFs as a Factor Driving Market Expansion
The U.S. Securities and Exchange Commission authorized Bitcoin exchange-traded funds this year. Over the long run, Bitcoin market easily accessible to and driven by demand of more investors through ETFs both institutional & retail who never have to actually own the asset. Moreover, the next halving will lower the amount of Bitcoin, a cyclical event that will lower the reward for miners and support the optimistic narrative around the asset class.
Navigating Regulatory Challenges for Future Growth
Garlinghouse emphasized that as more institutions join the cryptocurrency field, the use of cryptocurrencies is expanding. He pointed out that the US has the greatest economy in the world, but it has been comparatively sluggish to establish clear regulatory frameworks, which has hampered the home market's expansion.
There are indications of change, though. Garlinghouse is still certain that 2024 will provide more clarity to regulations, particularly as US lawmakers start working on laws pertaining to stablecoins and other cryptocurrencies. He thinks that once pro-crypto laws are put in place in the US, the business may see greater expansion.
Ripple’s Global Growth and Future Plans
An important juncture in Ripple's history, when the company is expanding globally, coincides with this regulatory push. Ripple is expected to bridge the gap between blockchain technology and conventional finance later this year by launching a stablecoin backed by the US dollar.
According to Garlinghouse, Ripple is committed to growing its payment and custody offerings globally, with over 95% of its clientele consisting of financial institutions with international headquarters.
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