Halving Expectations and Regulatory Clarity! Ripple CEO Bullish on Cryptocurrency Market: Market Cap to Double by Year-End

CNBC reported that Ripple CEO Brad Garlinghouse cited the successful launch of a physical Bitcoin ETF earlier this year, the upcoming Bitcoin halving, and potential clearer cryptocurrency regulatory measures by the U.S. government in the future. He emphasized that the total market value of cryptocurrencies is expected to double by the end of this year, reaching $5.2 trillion.

Ripple CEO Calls for Doubling of Cryptocurrency Market Cap by Year End

Brad Garlinghouse, CEO of blockchain startup Ripple, recently told CNBC that, considering various macro factors in the cryptocurrency market, he predicts that the cryptocurrency market will reach a total market value of $5 trillion by the end of 2024.

Bitcoin Spot ETF

Firstly, Garlinghouse emphasized that he has witnessed the constant fluctuations and discussions in the cryptocurrency industry and is optimistic about the current market:

I'm very optimistic; macro trends like ETFs are bringing real institutional money into the market.

Earlier this year, the first U.S. spot Bitcoin ETF was approved on January 11, enabling institutions and retail investors to indirectly participate in the Bitcoin market.

Bitcoin Halving Event

Additionally, the upcoming Bitcoin mining reward halving event at the end of this month is also one of Garlinghouse's considerations:

You see increasing demand while supply is decreasing; when supply contracts and demand expands, you don't need an expert in economics to tell you what will happen.

As the cryptocurrency with a current market dominance of 52%, the Bitcoin halving event has always been considered a major variable in the overall trend fluctuations of the cryptocurrency market.

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Clarity in U.S. Cryptocurrency Regulation

Lastly, he also mentioned that the growth of the cryptocurrency market has always been influenced by the U.S. regulatory attitude, and with an upcoming election year, the incoming government may have a more accommodating policy towards the cryptocurrency industry:

Given the policy focus will be closer to the cryptocurrency industry, I think we will get more regulatory clarity in the U.S.

However, he also mentioned a relatively pessimistic view, hinting that the U.S. Securities and Exchange Commission (SEC) may be one of the obstacles to growth:

Even though the U.S. is the world's largest economy, it is also one of the countries that is more hostile towards the cryptocurrency market.

In this regard, the ongoing lawsuit between the regulatory agency and Ripple can be seen as an indication, with the case expected to go to trial again later this month.

SEC appeal in Ripple case rejected, Ripple XRP shows no movement, back to pre-victory levels

It is understood that the current total market value of the cryptocurrency market is $2.58 trillion, and if the prediction of doubling is realized, it will reach $5.16 trillion.

Ripple to Launch Stablecoin Product

A few days ago, Ripple also revealed plans to launch a new stablecoin product supporting the XRP distributed ledger and the Ethereum network, targeting the two major mainstream stablecoins in the current market, USDT and USDC.

It is reported that this stablecoin will be fully backed by U.S. dollar deposits, short-term U.S. government treasuries, and other equivalent cash, expanding its nearly global payment network effectively.

Ripple Challenges USDT/USDC! Announces Launch of Compliant U.S. Dollar Stablecoin