Could this be the year that the market capitalization of cryptocurrency reaches over $5 trillion? According to Ripple CEO Brad Garlinghouse, it just might. In an interview with CNBC, Garlinghouse predicts that the value of the crypto market will double by 2024, thanks to the approval of the first U.S. spot bitcoin exchange-traded fund (ETF) and the upcoming halving of bitcoin.
Having been in the industry for a long time, Garlinghouse remains optimistic about the future of cryptocurrency. He believes that the approval of ETFs and the resulting influx of institutional money will drive demand for crypto. Additionally, the halving of bitcoin, which occurs every four years and reduces the mining reward for bitcoin miners, will also contribute to the market’s growth.
While the SEC’s approval of ETFs was seen as a milestone moment for digital currencies, Chairman Gary Gensler made it clear that it should not be taken as an endorsement of bitcoin. He warned investors to remain cautious about the risks associated with crypto.
Meanwhile, as the crypto market experiences a resurgence, so does crypto-related crime. According to a report from the FBI’s Internet Crime Complaint Center, Americans reported over 43,000 complaints about crypto scams last year, resulting in losses of $3.9 billion. The FBI noted that these scams are designed to lure people in with promises of high returns on their investments.
As the market continues to evolve and grow, it is important for investors to remain vigilant and educate themselves about the risks involved in cryptocurrency. While the potential for significant gains is there, so is the potential for scams and fraud.
