Ripple’s CEO Brad Garlinghouse expects the current crypto market to explode big time. He conservatively assumes its value will double and surpass $5 trillion by the end of 2024. Garlinghouse pointed to the recent approval of U.S. spot Bitcoin exchange-traded funds (ETFs) as a key driver for forecasted growth. He further cited the forthcoming Bitcoin halving event as another key catalyst.
In an exclusive interview with CNBC on Sunday, April 7, Ripple CEO Brad Garlinghouse said that ETFs would have a transformative effect on the crypto world. He explains that these financial instruments are bringing huge amounts of institutional investment, pouring record amounts of capital into the market.
"I think the macro trends, the big picture things like the ETFs, they're driving for the first time real institutional money." - Brad Garlinghouse
SEC approval of spot Bitcoin ETFs is a big deal and represents a turning point. Now, institutional investors have a much easier access point to Bitcoin via a regulated channel. This new tidal wave of institutional money will drive even more expansion and maturation of the market.
Our next halving event is fast approaching on April 5, 2024. This pre-programmed occurrence will halve the reward for producing new Bitcoin blocks and will likely catalyze a supply squeeze that makes prices soar. In the past, Bitcoin halvings have precluded periods of acute price appreciation.
Garlinghouse’s rosy prediction is indicative of an overall positive mood in the crypto markets these days, fueled by further mainstream adoption and a clearer regulatory environment. Even beyond that dynamic, the market remains in a very precarious position, subject to sudden shocks. Still, the mix of strong institutional investment and supply fundamentals suggest a positive trajectory for the second half of the year.
