- Ripple CEO predicts the cryptocurrency market cap will exceed $5 trillion in 2024, driven by ETFs and bitcoin halving.
- Ripple’s legal battle with the SEC continues over allegations of selling unregistered securities.
- Gemini’s COO forecasts bitcoin to reach $150,000 this year due to increased adoption and regulatory developments.
The CEO of Ripple, Brad Garlinghouse, recently addressed the growing influence of the cryptocurrency industry in the US elections of 2024. According to Garlinghouse, the crypto sector has historically been underrepresented in Washington but is now becoming more politically active.
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Garlinghouse is optimistic about the future of the cryptocurrency market. He predicts that the combined market capitalization of all cryptocurrencies will exceed $5 trillion this year. He attributes this growth to significant macroeconomic factors, such as the expected arrival of the first US spot bitcoin exchange-traded funds (ETFs) and the impending bitcoin ‘halving’.
The demand for cryptocurrencies is rising while supply is declining, according to Garlinghouse, who highlighted that these factors are drawing in institutional investors. He stated that this economic dynamic is likely to propel the market to new heights.
Other influential individuals in the industry share Garlinghouse’s bullish prediction. Chief Operating Officer Marshall Beard of Gemini also voiced hope for the future of the cryptocurrency market. He recently spoke to CNBC at a cryptocurrency conference in London that he believes bitcoin will hit $150,000 by the end of the year.
Beard cited increased adoption, new regulations, the introduction of ETFs, and Bitcoin halving as key drivers of this anticipated growth. He was optimistic about its upward trajectory even though he recognized the possibility of high volatility.
In 2024, the cryptocurrency industry is expected to experience significant growth and increased political influence. Influential figures, such as Marshall Beard of Gemini and Brad Garlinghouse of Ripple, are optimistic about the market’s future and point to regulatory changes and macroeconomic trends as important determinants. The industry’s influence on the political arena and financial landscape is likely to grow stronger as it undergoes further development.
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