Ripple CEO Brad Garlinghouse predicts that the overall market value of the cryptocurrency market is expected to reach $5 trillion by the end of this year, driven by the launch of Bitcoin spot ETF and the upcoming fourth halving in April.
Garlinghouse, in an interview with CNBC on the 8th, stated that he expects the overall market value of cryptocurrencies to double by the end of the year. He cited reasons such as the approval of the Bitcoin spot ETF listed in the US at the beginning of the year and the anticipated Bitcoin block reward halving on April 20. According to CoinGecko data, the current market value of the cryptocurrency market is approximately $2.8 trillion, an increase of nearly 60% from the beginning of the year, which was about $1.77 trillion.
Garlinghouse also believes that positive signals in US cryptocurrency regulation are among the other factors driving the doubling of the cryptocurrency market value. Despite several regulatory crackdowns in the US in recent years, Garlinghouse expressed optimism about the future of US cryptocurrency regulation.
As early as 2020, Ripple was sued by the US Securities and Exchange Commission (SEC) for allegedly raising $1.3 billion through the sale of unregistered “securities” (XRP) since 2013. In July of last year, Ripple achieved a preliminary victory when a US judge made a summary judgment, determining that Ripple’s sale of XRP on exchanges did not constitute an investment contract and is not a security. The final trial of the case is set to begin on April 23 this year, with the SEC requesting a $2 billion fine against Ripple. The outcome of the trial could have a significant impact on the cryptocurrency industry.