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Ripple CEO Made a Bold Prediction for 2024.
The claim that the cryptocurrency market will be 5 trillion dollars
The total value of the cryptocurrency market is currently around 2.58 trillion dollars. Garlinghouse claimed that the total value would climb up to 5 trillion dollars in the rest of the year. This means that the total value of cryptocurrencies will double in the next 8 months.
What factors did Garlinghouse support his claim?
Ripple CEO attributed the claim that the total value will double this year to two main factors. Claiming that macroeconomic factors will continue to support the trend towards the crypto sector, Garlinghouse also thinks that new institutional investors will continue to enter the sector through ETFs. However, it is thought that Bitcoin halving will also contribute to the rise.
Brad Garlinghouse said that they have been in the industry for a long time and similar trends have come and gone before. Emphasizing that there are some differences between past periods and the current period, Garlinghouse emphasized that crypto-backed ETFs have started to attract real institutional investors for the first time. This year, when the daily supply of BTC will begin to decrease with the halving, the positive effect of the increase in demand for Bitcoin through ETFs is emphasized.
Looking at March data, it is seen that Bitcoin miners produced approximately 28,500 BTC, while over 66 thousand BTC were purchased through spot Bitcoin ETFs. Ripple CEO added that there is no need to be an economist to tell what will happen when demand increases while supply shrinks. As a result, Brad Garlinghouse claims that the crypto market could easily double in value given new trends.
Garlinghouse is hopeful for 2024
Claiming that 2024 will be a big year earlier this year, Ripple CEO gave positive signals in XRP.
The XRP community welcomed Garlinghouse's words as he said this was the first time he had made such a clear bullish claim. Ripple's recent launch of important projects has the community excited about the future of XRP.
