Ripple CEO Brad Garlinghouse claims the cryptocurrency market will grow to $5 trillion in 2024

American tech giant Ripple's CEO Brad Garlinghouse has made a stunning revelation about the upcoming cryptocurrency landscape in the United States. The 53-year-old financial tech expert predicted that the cryptocurrency market is all set to double in size in 2024, amounting to a market capitalization in excess of $5 trillion.

Much like the highly volatile nature of cryptocurrency itself, the market too has had its major share of ups and downs over the past few years, but the emergence of spot Bitcoin ETFs has brought about a new revolution of sorts in the industry. ETFs were made legal by the US Securities and Exchange Commission on the 10th of January and have risen to prominence ever since.

Brad Garlinghouse is hopeful for a Huge Boost for the Crypto Currency market in 2024

Following the success of the Bitcoin ETF, cryptocurrency enthusiasts are also awaiting approval for the Ethereum ETF, which is all set to be announced by the SEC in May. Ripple CEO, Garlinghouse believes that he has enough experience of seeing the industry's ups and downs to predict what the future will hold in the coming years.

Garlinghouse also felt that ETFs have forced plenty of investment in a very short span of time, and their demand will soon overshoot the supply. This move will help drive the prices of cryptocurrencies in the upward direction even further. Bitcoin ‘halving’ is another factor that will bolster the cryptocurrency market, if past trends are anything to go by. The quadrennial event is all set to take place this year and has always been the precursor to a bull market on the past three occasions.

“I’ve been around this industry for a long time, and I’ve seen these trends come and go,” Garlinghouse told CNBC. “I’m very optimistic. I think the macro trends, the big picture things like the ETFs, they’re driving for the first time real institutional money. You’re seeing that drives demand, and at the same time demand is increasing, supply is decreasing,” Garlinghouse said.

He continued and said, “That doesn’t take an economics major to tell you what happens when supply contracts and demand expands. One of the things actually I’ll say on the macro tailwinds for the industry: I think we will get more clarity in the United States. The U.S. is still the largest economy in the world, and it’s unfortunately been one of the more hostile crypto markets. And I think that’s going to start to change, also,”

In his analysis, Brad Garlinghouse also took into account the positive changes in the United States regulatory department while dealing with cryptocurrency. The fact that Garlinghouse backed the US SEC for their positive attitude is a significant factor, especially after the SEC filed a lawsuit against Ripple alleging them to had illegally sold XRP.

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