Crypto Market Cap to Double to $5 Trillion by Year-End: Ripple CEO

“Garlinghouse expressed his strong optimism in an interview with CNBC. He believes that for the first time, major investment trends or ETFs are attracting substantial institutional investments. This influx of money leads to heightened demand, while the supply is simultaneously shrinking.”

After the Bitcoin reward halving in April 2021, the production of new Bitcoins will decrease. Historically, this event has been followed by a bull market for Bitcoin, which is currently the most valuable cryptocurrency. During this process, which occurs approximately every four years, the number of Bitcoins miners receive as reward for validating blocks and adding them to the blockchain is reduced by 50%. This reduction brings the reward down to 3.125 Bitcoins per block in April 2021.

The cryptocurrency market is currently worth approximately $2.68 trillion. Bitcoin has experienced a 63% growth since the new year and hit new peaks above $73,000. The CoinDesk 21 Index, which represents the overall crypto market, has surged by 49% during the same time frame.

In spite of the SEC’s lawsuits against Coinbase and Binance last June for dealing with unregistered securities, Garlinghouse remains optimistic regarding crypto regulation in the US.

“Regarding the bigger picture for this industry, I believe we will gain greater understanding in the US soon. The US, being the largest economy globally, has been less welcoming to crypto. However, I anticipate this trend to shift.”