Crypto company Ripple's Chief Executive Officer (CEO) Brad Garlinghouse said he expects the combined market capitalization of the cryptocurrency market to double by the end of 2024 and top $5 trillion, driven by macro factors, the approval of the US spot bitcoin ETFs and the upcoming bitcoin halving.

"You're seeing that drives demand, and at the same time demand is increasing, supply is decreasing," Garlinghouse told CNBC. "That doesn’t take an economics major to tell you what happens when supply contracts and demand expands," he added.

Garlinghouse also expressed optimism regarding the shift in the United States officials' stance on cryptocurrencies. "The US is still the largest economy in the world, and it's unfortunately been one of the more hostile crypto markets. And I think that’s going to start to change," the CEO concluded.