- The CEO of Ripple estimated that the next halving and Bitcoin ETFs would contribute to the industry’s potential growth to $5 trillion by 2024.
- To that end, Garlinghouse highlights the necessity for more defined U.S. regs by 2024 to fuel institutional adoption and use of crypto.
- Ripple intends to expand its worldwide payment solutions and provide a stablecoin backed by the US dollar.
Ripple CEO Brad Garlinghouse said that it is possible for the complete cryptocurrency market to double by the end of 2024 and have a value as high as $5 trillion. And that has positive macroeconomic drivers on its side such as the roll out of U.S. spot Bitcoin ETFs and an upcoming Bitcoin halving event, which bodes well for this prediction. In addition to these key factors, a tightening supply and a rise in demand, Garlinghouse predicts an optimistic market.
Bitcoin ETFs as a Factor Driving Market Expansion
The U.S. Securities and Exchange Commission authorized Bitcoin exchange-traded funds this year. Over the long run, Bitcoin market easily accessible to and driven by demand of more investors through ETFs both institutional & retail who never have to actually own the asset. Moreover, the next halving will lower the amount of Bitcoin, a cyclical event that will lower the reward for miners and support the optimistic narrative around the asset class.
Navigating Regulatory Challenges for Future Growth
Garlinghouse emphasized that as more institutions join the cryptocurrency field, the use of cryptocurrencies is expanding. He pointed out that the US has the greatest economy in the world, but it has been comparatively sluggish to establish clear regulatory frameworks, which has hampered the home market’s expansion.
There are indications of change, though. Garlinghouse is still certain that 2024 will provide more clarity to regulations, particularly as US lawmakers start working on laws pertaining to stablecoins and other cryptocurrencies. He thinks that once pro-crypto laws are put in place in the US, the business may see greater expansion.
Ripple’s Global Growth and Future Plans
An important juncture in Ripple’s history, when the company is expanding globally, coincides with this regulatory push. Ripple is expected to bridge the gap between blockchain technology and conventional finance later this year by launching a stablecoin backed by the US dollar.
According to Garlinghouse, Ripple is committed to growing its payment and custody offerings globally, with over 95% of its clientele consisting of financial institutions with international headquarters.
The post Garlinghouse Sees Bright Future: How Bitcoin ETFs and Regulations Could Transform Crypto appeared first on Crypto News Land.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed