Ripple CEO Brad Garlinghouse said the overall cryptocurrency market capitalization will double by the end of 2024, according to a CNBC report on Sunday. Currently, the global cryptocurrency market capitalization is approximately $2.59 trillion. CoinMarketCap data showed it
Garlinghouse said. CNBC He is “very optimistic” about macroeconomic trends in cryptocurrencies, such as the emergence of spot Bitcoin exchange-traded funds (ETFs), which he said have led to “substantial” institutional investment in cryptocurrencies for the first time.
Bitcoin half life eventexpected later this monthAccording to Garlinghouse, this is another macro factor that could push the overall cryptocurrency market value above $5 trillion. The halving event, which occurs approximately every four years, halves mining rewards for Bitcoin miners.
In the past, Bitcoin halvings often preceded cryptocurrency price increases. Analyst at Coinbase Exchange said Bitcoin’s recent all-time high block earlier this month may indicate that the market has already priced in the upcoming halving event.
The Ripple CEO also said he expects regulations to become clearer in the U.S. after a new administration takes office following this year’s elections. The U.S. Securities and Exchange Commission (SEC) has long expressed a negative and restrictive view of the cryptocurrency industry. legal dispute With Ripple Labs.
Meanwhile, the recent Ripple presentation It is said that it is entering the stablecoin market dominated by USDT and USDC. The planned US dollar-pegged stablecoin is expected to launch on XRP Ledger and Ethereum.
David Schwartz, Ripple’s chief technology officer, said the company’s project aims to drive stablecoin adoption by enterprise-level institutions, and that its compliance experience will allow its stablecoin to “take off” in the market. He said it would be.
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About the author
Danny Park is The Block’s East Asia reporter, writing about topics including Web3 development and cryptocurrency regulation in the region. He previously worked as a reporter for Forkast.News, where he actively covered the fall of Terra-Luna and FTX. Based in Seoul, Danny previously produced written and video content for media companies in Korea, Hong Kong and China. He holds a Bachelor’s degree in Journalism and Business Marketing from the University of Hong Kong.