Regulatory Clarity Expected to Boost Cryptocurrency Market: Ripple CEO Optimistic About Doubling Market Value by Year-End
Ripple CEO Brad Garlinghouse recently spoke to CNBC about various macro factors in the cryptocurrency market, including the successful launch of a bitcoin ETF earlier this year, the upcoming bitcoin halving event, and the potential for clearer cryptocurrency regulations in the future by the US government. He emphasized that the total market value of the cryptocurrency market will double by the end of this year and reach $5.2 trillion.
Ripple CEO Calls for Doubling of Cryptocurrency Market Value by End of Year
Bitcoin Spot ETF
Bitcoin Halving Event
Clarity in US Cryptocurrency Regulation
Ripple to Launch Stablecoin Product
Brad Garlinghouse, CEO of blockchain startup Ripple, recently told CNBC that considering various macro factors in the cryptocurrency market, he predicts that the total market value of cryptocurrencies will reach $5 trillion by the end of 2024.
Firstly, Garlinghouse emphasized that he has witnessed the volatility and topics that come and go in the cryptocurrency industry, but he remains optimistic about the current market:
“I’m very optimistic. Macro trends like ETFs are bringing real institutional money into the market.”
Previously, the first Bitcoin spot ETF in the United States was approved on January 11th this year, allowing institutions and retail investors to indirectly participate in the Bitcoin market.
Additionally, the upcoming Bitcoin mining reward halving event, expected to occur at the end of this month, is also one of Garlinghouse’s considerations:
“You see an increase in demand and supply being reduced; when supply shrinks and demand expands, you don’t need an economist to tell you what will happen.”
As the cryptocurrency with a current market dominance of 52%, Bitcoin’s halving event has been regarded as one of the major variables affecting the overall trend in the cryptocurrency market.
Finally, he also mentioned that the growth of the cryptocurrency market has always been affected by the US regulatory attitude. With the upcoming election year, the incoming government may have more inclusive policies towards the cryptocurrency industry:
“As the policy focus gets closer to the cryptocurrency industry, I think we will gain more regulatory clarity in the United States.”
However, he also mentioned a relatively pessimistic view, suggesting that the US Securities and Exchange Commission (SEC) could be one of the obstacles to the rise:
“Even though the US is the world’s largest economy, it is also one of the countries that is more hostile towards the cryptocurrency market.”
In this regard, it can be seen from the long-standing lawsuit between the regulatory agency and Ripple that the case is expected to go to trial again this month.
It is understood that the current total market value of the cryptocurrency market is $2.58 trillion, and if it doubles as predicted, it will reach $5.16 trillion.
A few days ago, Ripple also revealed plans to launch a new stablecoin product that supports the XRP distributed ledger and the Ethereum network, aiming to challenge the two mainstream stablecoins, USDT and USDC, in the current market.
It is reported that this stablecoin will be fully backed by deposits in US dollars, short-term US government bonds, and other equivalent cash, and it will effectively expand its globally covered payment network.
Ripple
SEC
Cryptocurrency regulation
Bitcoin ETF
Bitcoin halving
Stablecoin
