Ripple CEO Brad Garlinghouse anticipates the crypto market cap hitting $5 trillion by the close of 2024.
The introduction of Bitcoin ETFs, alongside substantial inflows, is poised to encourage institutional investors to enter the market.
Garlinghouse foresees the upcoming halving event as a catalyst for market expansion, akin to the surge witnessed between 2020 and 2021.
Enhanced regulations and the potential for a crypto-friendly US president are perceived as favorable factors.
Based on the $5 trillion projection, Bitcoin's price could surge to approximately $140,000 by year-end.
In recent months, the introduction of the first 11 Bitcoin ETFs on 11 January 2024 has marked a significant milestone in the cryptocurrency market. These ETFs have collectively injected over $12 billion into the crypto market within just three months since their launch. Ripple CEO Brad Garlinghouse, in a CNBC interview, pointed to this development as a pivotal moment for the industry, shaping his optimistic predictions for its future. These ETFs serve as a bridge, allowing both institutional and retail investors to gain exposure to Bitcoin without the complexities of owning it directly, thus simplifying the investment process. Garlinghouse believes that this relative ease of investment brought about by the ETFs will attract institutional funds that were previously deterred by market barriers. Furthermore, Garlinghouse highlighted the upcoming Bitcoin halving as another key factor expected to drive market growth. Drawing parallels with the significant price surge seen after the previous halving event, he anticipates a similar trend this time around. Additionally, improvements in the regulatory landscape, particularly in the United States, and speculation surrounding the potential election of a pro-crypto president during the ongoing election year, further contribute to the positive sentiment in the market. Despite facing legal challenges from the SEC regarding Ripple, Garlinghouse remains optimistic about the prospect of clearer and more supportive regulations in the future. As Bitcoin continues to dominate over 52% of the total cryptocurrency market cap, Garlinghouse's projection of a $5 trillion market cap could potentially drive Bitcoin's price to approximately $140,000. Ethereum, with its 16% dominance, could also see a significant price increase, reaching around $7,000. Overall, industry leaders like Garlinghouse foresee remarkable growth ahead, with Bitcoin expected to rally to anywhere between $100,000 and $300,000.
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