Will this year be the year when the market capitalization of virtual currencies exceeds $5 trillion?
Ripple CEO Brad Garlinghouse seems to think so.
Appearing on CNBC on Sunday (April 7), Garlinghouse said that factors such as the approval of the first spot Bitcoin exchange-traded fund (ETF) in the US and the upcoming Bitcoin “halving” have caused the cryptocurrency market to He said he expects the value to double by 2024. Bitcoin.
“I've been in this industry for a long time and I've seen these trends come and go,” Garlinghouse said. “I'm very optimistic. I think macro trends, big picture things like ETFs are moving real institutional money for the first time.”
“We see that driving up demand, but at the same time demand is increasing, supply is decreasing,” he added. “You don't need an economics major to explain what happens when supply contracts and demand increases.”
As CNBC points out, Bitcoin halving is an event that occurs every four years and divides the total amount of mining rewards given to Bitcoin miners in half. Reports say it is scheduled for the end of this month.
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In the case of ETFs, the U.S. Securities and Exchange Commission (SEC) approved these funds in January, allowing institutional and individual investors to gain exposure to Bitcoin without owning the assets. Ta.
Cryptocurrency enthusiasts called the approval a watershed moment for digital currencies, but SEC Chairman Gary Gensler made it clear at the time that his position on Bitcoin had not changed, saying the regulator was not ready. To approve other listed securities, which it said should not be taken as an indication that it is in place.
“While we today authorized the listing and trading of certain Spot Bitcoin ETP shares, we do not endorse or endorse Bitcoin,” Gensler said. “Investors should remain cautious about the myriad risks associated with Bitcoin and products whose value is tied to cryptocurrencies.”
Meanwhile, PYMNTS wrote last month that as the crypto market is making a comeback, with Bitcoin topping $70,000 and meme coins making a comeback, crypto crimes are on the rise as well.
According to a recent report from the FBI's Internet Crime Complaint Center (IC3), Americans filed more than 43,000 complaints about cryptocurrency scams last year, and losses from cryptocurrency-based scams and scams increased 53% year over year. reached $3.9 billion.
“These scams are designed to lure targets with promises of huge returns on their investments,” the FBI noted.
