Ripple CEO Brad Garlinghouse predicts the the value of cryptocurrency will reach $5 trillion by the end of 2024.

Market Expansion Predictions

The basis for Garlinghouse's positive outlook on the crypto market is because of a multitude of macro factors that are now affecting the market dynamics.  The authorization of the first U.S. spot bitcoin exchange-traded funds (ETFs) and the nearing of bitcoin "halving" are some of those factors. 

Apart from that, the expected contraction of the supply due to bitcoin's halving event is seen to lead to an increased demand from the market. Hence supply will start to shrink and this would boost demand.

 Key Market Drivers

On January 10, the approval of spot bitcoin ETF by the US gave rise to two categories of investors (institutional and retail). Their participation in the bitcoin market was bolstered as they could now get exposure to bitcoin without actually having ownership of it directly. 

Furthermore, it's next bitcoin halving, which occurs approximately once in every four years, will decrease the total mining reward for bitcoin miners. Usually, this circumstance is accompanied by increased turnover on cryptocurrency venues and is associated with the upward direction in the movement of Bitcoin price.

 Framework of Regulation and View of the Future Industry

In the same way, Garlinghouse also points to the chances for good regulatory developments in the U.S., especially in light of an election year. The belief that regulations for cryptocurrencies by the next administration will be more positive provides strength for optimism. That may be translated into more market participation and adoption. 

Also, opponents on the other hand continue being optimistic about the transformation potential of cryptocurrency and blockchain technology.

 Final Thoughts

Such projections generate optimism not only from the Garlinghouse himself but also from a broader sentiment within the crypto community. With an increase in interest and better regulatory clarity, it seems like the crypto market is with an increased chance of a growth beyond exponential in upcoming years. 

The innovations occurring and changing market operations are key phases that will help in the implementation of the $5 trillion market size for crypto by the end of 2024.