Crypto Set to Exceed 1,000X Return and Reach $200 Trillion Market Cap!?
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Last week, statements from Binance CEO Changpeng Zhao (aka CZ) and Ethereum co-creator Vitalik Buterin led the community to speculate on the possibility of the crypto market achieving a 1,000 return in value in the long-term.
On Sept. 8, Buterin stated with the awareness of cryptocurrencies by the general public and mainstream reaching a peak in late 2017, it is unrealistic for the valuation of the crypto market to increase by a thousand fold from its current value at $200 billion.
A thousand fold increase from $200 billion is $200 trillion, which is 70 percent of global wealth that includes gold, reserve currencies, and other traditional assets that are utilized as wealth management products. Digital Assets are positioned to replace our old systems. Eventually the world will go digital.
CZ believes 1,000x increase is possible
Changpeng Zhao, the CEO of the world’s largest cryptocurrency exchange, Binance, better known to the community as CZ, stated that a thousandfold return from the current valuation of the market is “absolutely” possible, offering an extremely optimistic prediction on the future price trend of the market.
CZ stated that $200 trillion could seem unrealistically large if compared to the traditional finance market. But, similar to comparing the taxi industry to the market size of Uber, CZ explained that it is not accurate to measure the potential of the crypto market based on the size of the traditional finance market.
Garry Tan, a prominent venture capitalist and the earliest investor in Coinbase and Instacart, who has funded more than 100 startups worth $20 billion, said that it is possible for the crypto market to reach hundreds of trillions of dollars in market valuation.
While a thousandfold return is difficult to imagine, Tan stated that the possibility of explosive growth in the cryptocurrency sector cannot be ruled out.
Mike Novogratz sees FOMO among institutions
In June, Novogratz stated that the crypto market will feel like a bubble once it reaches $20 trillion, after experiencing a hundredfold increase from the current price range.
At the time, Novogratz explained that the next rally of crypto will be fueled by institutions entering the crypto market, triggering FOMO (fear of missing out) among other institutional investors.
2019:
The deployment of crypto custodian solutions by regulated financial institutions and strengthening infrastructure around crypto will increase the probability of institutional investors committing to cryptocurrencies, which may increase the chances of the crypto market potentially achieving hundreds of trillions of dollars in valuation.
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Author - Joseph Young