Ripple chief executive Brad Garlinghouse thinks macro factors could double the overall crypto market cap by the end of 2024.
Garlinghouse told CNBC recently that regulatory momentum and the newly approved spot Bitcoin (BTC) exchange-traded funds (ETFs) could drive a massive surge in crypto prices.
[adinserter block="1"]“I’ve been around this industry for a long time, and I’ve seen these trends come and go. 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, and supply is decreasing. That doesn’t take an economics major to tell you what happens when supply contracts and demand expands.”
Garlinghouse says the overall crypto market cap is “easily predicted to double” by the end of 2024. The current market cap sits at $2.8 trillion but was hovering around $2.6 trillion when the CEO made his comments, according to CoinGecko.
Garlinghouse also predicts the US crypto sector will receive more regulatory clarity this year.
“The US 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.”
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