Ripple CEO Forecasts Doubling of Cryptocurrency Market

Brad Garlinghouse, CEO of Ripple, expressed his optimistic predictions regarding the growth of cryptocurrency market capitalization by the end of the current year, as reported by CNBC.

According to the report, Ripple recently announced plans to introduce a stable cryptocurrency linked to the US dollar to the market, signaling the company's increasing commitment to the rapidly developing cryptocurrency sector.

Garlinghouse emphasized that the current global cryptocurrency market capitalization stands at around $2.59 trillion, but he expects this value to double by the end of 2024. His optimism is reinforced by the emergence of Bitcoin exchange-traded funds (ETFs) and the upcoming Bitcoin halving event, which he believes will attract greater interest from financial institutions.

Garlinghouse noted that Bitcoin ETFs have attracted "real" institutional investments in cryptocurrencies for the first time. Additionally, the approaching Bitcoin halving, which occurs approximately every four years and reduces rewards for Bitcoin miners, may be a key factor driving the market value of cryptocurrencies to over $5 trillion.

Furthermore, Garlinghouse expressed hope for greater regulatory clarity in the United States following the inauguration of the new administration. Past disputes with the Securities and Exchange Commission (SEC) and regulatory constraints have left the cryptocurrency market susceptible to uncertainty, and clearer regulations may be crucial for further sector development.

In light of these events, Ripple announced its plan to enter the stablecoin market, currently dominated by USDT and USDC. Their project entails introducing a stable cryptocurrency linked to the US dollar, which will be available on the XRP Ledger and Ethereum platforms.

David Schwartz, Ripple's Chief Technology Officer, underscored that their experience in regulatory compliance will be crucial for the success of their stablecoin project in the market. Their goal is to increase institutional adoption at the enterprise level, which could offer new opportunities for the cryptocurrency sector.

*This is not a financial advice