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Ripple CEO Brad Garlinghouse said the crypto industry’s market capitalization will double by the end of 2024 to top $5 trillion amid a wave of institutional investment into Bitcoin ETFs and reduced supply caused by the BTC halving.
It “doesn’t take an economics major to tell you what happens when supply contracts and demand expands,” the Ripple CEO told CNBC in an interview, adding that crypto’s market cap will ”easily” double by the end of 2024.
Over the last 24 hours, the market’s total capitalization rose more than 4% to hit $2.69 trillion as of 5.39 a.m., according to CoinMarketCap.
Spot Bitcoin ETFs (exchange-traded funds) are driving institutional adoption of digital assets for the first time, Garlinghouse said.
Ripple CEO Optimistic About Positive Regulatory Momentum In US
Positive regulatory momentum in the US is another reason Garlinghouse is bullish towards the crypto market.
“I think we will get more clarity in the United States,” he said. Although the U.S. is still the largest economy in the world, it has unfortunately been “one of the more hostile crypto markets,” he added.
With 2024 being an election year, the Ripple CEO is optimistic that a new administration will be more accommodating towards the growing digital asset sector. Regulators’ view of the crypto market might “start to change,” Garlinghouse said.
Ripple Battles It Out With The SEC
Up until now, the crypto industry has been the target of a crackdown by the U.S. Securities and Exchange Commission (SEC) under the leadership of Gary Gensler. In December 2022, Ripple itself was accused of selling unregistered securities through the sale of XRP tokens to investors.
The SEC plans to ask the Judge for $2B in a case that involved no allegations (let alone findings) of fraud or recklessness. There is absolutely no precedent for this. We will continue to expose the SEC for what they are when we respond to this. pic.twitter.com/LdMQFQm70j
— Brad Garlinghouse (@bgarlinghouse) March 25, 2024
The company has consistently denied these allegations and it remains embroiled in a legal battle with the agency.
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