Ripple CEO Brad Garlinghouse said the entire cryptocurrency market capitalization will likely double by the end of 2024, according to a CNBC report on Sunday. The current global crypto market cap stands at around $2.59 trillion, CoinMarketCap data showed.
Bitcoin’s halving event, slated for later this month, is another macro factor that may drive the entire crypto market value beyond $5 trillion, according to Garlinghouse. The halving event, which takes place about every four years, cuts mining rewards to bitcoin miners by half. The Ripple CEO also said that he expects more regulatory clarity in the U.S. after the country’s new administration takes office following this year’s election. The U.S. Securities and Exchange Commission has expressed negative and restrictive views on the crypto space, exemplified by its long-standing legal feud with Ripple Labs.