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Brad Garlinghouse the CEO of Ripple Projects $5 Trillion Cryptocurrency Market by 2024

Detailed Analysis: Speaking with CNBC, Garlinghouse expressed his conviction that the crypto market is poised for an unprecedented expansion, potentially doubling its current valuation. He attributes this bullish outlook to macroeconomic factors, including the introduction of the first U.S. spot bitcoin exchange-traded funds (ETFs), as well as the much-anticipated bitcoin “halving” event.

Key Market Developments: The U.S. Securities and Exchange Commission greenlit the first U.S. spot bitcoin ETFs on January 10, which are now traded on U.S. stock exchanges. This allows both institutional and retail investors to partake in bitcoin investments indirectly, without owning the actual cryptocurrency.

The Halving Phenomenon: Occurring approximately every four years, the bitcoin halving is a significant event in the cryptocurrency world. It reduces the reward for mining new bitcoins by half, thereby constricting the supply. The upcoming halving is expected to occur later this month, following the previous event in 2020.

Garlinghouse’s Perspective: With a seasoned background in the industry, Garlinghouse remains optimistic about the crypto market’s trajectory, citing the influx of institutional money as a driving force. “The macro trends, the big-picture things like the ETFs, they’re driving for the first time real institutional money,” he explained to CNBC.

Market Implications: Currently, the total crypto market cap stands at roughly $2.6 trillion. Should Garlinghouse’s predictions hold true, the market could see a new total valuation of $5.2 trillion. Notably, bitcoin has experienced a surge of over 140% in the last year alone, reaching a peak above $73,000 on March 13, as per CoinGecko data.

Regulatory Landscape: The potential for favorable regulatory changes in the U.S. also plays a crucial role in the market’s growth prospects. Despite Ripple’s ongoing legal battle with the SEC over allegations of illegal XRP sales, Garlinghouse remains hopeful for a more crypto-conducive regulatory environment in the near future.

Industry Optimism: Garlinghouse isn’t alone in his positive market forecast. Marshall Beard, COO of the U.S. cryptocurrency exchange Gemini, also shared his high expectations with CNBC at a crypto conference in London. Beard predicts that the price of bitcoin could escalate to $150,000 later this year, influenced by a myriad of factors including new regulations, the halving event, and the dynamics of supply and demand.

Conclusion: The cryptocurrency market is at a pivotal juncture, with significant events and regulatory developments shaping its future. As industry leaders like Garlinghouse and Beard share their insights, the anticipation for a substantial increase in market value continues to build, setting the stage for a potentially transformative year in the world of digital currencies.

Sentiment: Positive

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