Ripple CEO "Cryptocurrency Market to Double by Year-End"…Projected at 6,774 Trillion Won

ETF, Halving, and Positive Regulatory Impact

Brad Garlinghouse, CEO of Ripple Labs, the issuer of the cryptocurrency Ripple, predicted that the cryptocurrency market will double in size to $5 trillion (approximately 6,774 trillion KRW) by the end of this year.

In an interview with CNBC on the 7th (local time), Garlinghouse mentioned factors such as the launch of the first U.S. spot Bitcoin exchange-traded fund (ETF) and the upcoming Bitcoin halving, expressing his expectation that the cryptocurrency market will grow twofold.

Garlinghouse said, "I am very optimistic. Macro trends and big-picture developments like ETFs are attracting institutional funds for the first time," adding, "As demand increases and supply decreases, even those without an economics background can understand what happens when supply shrinks and demand expands."

In January, the first Bitcoin ETF in the U.S. was approved by the Securities and Exchange Commission (SEC). Additionally, the Bitcoin halving, which reduces mining rewards by half, is expected to occur at the end of this month.

Garlinghouse stated, "Influenced by macro factors, the total market capitalization of the cryptocurrency industry will approximately double by the end of this year." As of the 4th, the cryptocurrency market capitalization was about $2.6 trillion (approximately 3,522 trillion KRW), meaning the market could grow to $5.2 trillion (approximately 7,044 trillion KRW) by the end of the year.

Garlinghouse also anticipates that with the U.S. presidential election this year, the next administration will adopt positive regulatory policies for the cryptocurrency industry. He said, "The U.S. has been one of the most hostile markets toward cryptocurrencies globally, but I believe that is beginning to change."

CNBC reported that Garlinghouse is not the only one predicting a bullish cryptocurrency market this year. Marshall Beard, COO of Gemini, a U.S. cryptocurrency exchange, recently told CNBC in an interview that he expects the price of Bitcoin to rise to $150,000 (approximately 200 million KRW) by the end of this year.