Brad Garlinghouse, Ripple’s CEO, believes the cryptocurrency market could hit over $5 trillion this year. He points to major developments like the launch of the first U.S. spot bitcoin ETFs and the upcoming bitcoin halving event as key drivers. Speaking on CNBC, Garlinghouse highlighted growing institutional interest fueled by new financial products and the halving process, which reduces bitcoin rewards for miners every four years.
The approval of the first U.S. spot bitcoin ETFs by the Securities and Exchange Commission in January allows both institutional and retail investors to trade bitcoin on traditional stock exchanges easily. This move is expected to attract substantial institutional investment into the crypto market.
Additionally, bitcoin experiences a halving event approximately every four years, reducing miner rewards and tightening bitcoin supply. The upcoming halving is anticipated to further boost market growth amid increasing demand.
Garlinghouse’s optimism comes as the crypto market reached a capitalization of around $2.6 trillion in early April. With bitcoin’s price surging over 140% in the past year, reaching a record high above $73,000 in March, the combination of supply contraction and demand expansion suggests a positive outlook for the market’s total valuation.
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Your point of view caught my eye and was very interesting. Thanks. I have a question for you.