Venture capital investor Tim Draper has predicted that whole cryptocurrency market capitalization will hit $80 trillion within the subsequent 15 years, information outlet DealStreetAsia reported September 14.
Speaking on the DealStreetAsia PE-VC Summit 2018 in Singapore, Draper argued that the numerous slide within the cryptocurrency market in current months is attributed to individuals who haven’t adopted digital currencies as a brand new asset class. Draper acknowledged that after folks grow to be extra aware of the know-how, it could remodel many necessary industries globally:
“I feel it’s going to have such a transformative impact on industries that we by no means even imagined could be transformable. The web went after industries that had been $10–100 billion greenback markets, cryptocurrency will go after trillion greenback markets — these are finance, healthcare and insurance coverage, banking and funding banking, and governments.”
In January 2018, Barron’s reported that the Russell 3000 Index — which accounts for 98.5 % of all the U.S. inventory market — was value $30 trillion. The “staggering” amount of cash adopted a profitable 12 months in 2017, through which the market skilled 22 % returns.
Draper additionally in contrast the present state of the crypto market with the early days of Internet, saying:
“The web began in the identical means, it got here in large waves after which it type of got here crashing down, after which the following wave comes concentrated however a lot greater, and I think the identical factor will go on right here (with Bitcoin).”
Brian Kelly of CNBC’s Fast Money compared cryptocurrency to the “Internet in the 1980s” as effectively, declaring that Bitcoin (BTC) remains to be in its early phases. Kelly asserted that whereas he used to see crypto as similar to the Internet in 1995, he now understands that a greater comparability is additional again. He added:
“I think this technology is going to work, it’s going to be game changing, but it’s very early days, so we can have this massive volatility.”
At press time, whole crypto market capitalization is round $202 billion, in line with CoinMarketCap.
Original article first appeared in https://cointelegraph.com/information/tim-draper-predicts-total-crypto-market-cap-of-80-trillion-in-next-15-years