VC Investor Tim Draper Projects Crypto Market Capitalization to Hit $80T
Venture capital investor Tim Draper has projected that the overall cryptocurrency market capitalization would reach $80 trillion in the next 15 years.
This is according to a report on news outlet DealStreetAsia.
Talking at the DealStreetAsia PE-VC Summit 2018 in Singapore, Draper claimed that the substantial slide in the cryptocurrency market in the past few months is ascribed to people who have not embraced digital currencies as a new asset class. Draper said that once people become more acquainted with the technology, it would alter many significant industries all over the world:
“I think it’s going to have such a transformative effect on industries that we never even imagined would be transformable. The internet went after industries that were $10–100 billion dollar markets, cryptocurrency will go after trillion dollar markets — these are finance, healthcare and insurance, banking and investment banking, and governments.”
Earlier this year, Barron’s reported that the Russell 3000 Index — which accounts for 98.5 percent of the entire U.S. stock market — was worth $30 trillion. The “staggering” amount of money came after a fruitful year in 2017, in which the market experienced returns of 22%.
Draper also likened the existing state of the crypto market with the initial days of Internet, saying:
“The internet started in the same way, it came in big waves and then it kind of came crashing down, and then the next wave comes concentrated but much bigger, and I suspect the same thing will go on here (with Bitcoin).”
Brian Kelly of CNBC’s Fast Money related cryptocurrency to the “Internet in the 1980s” as well, citing that Bitcoin (BTC) is still in its early stages. Kelly expressed that while he used to see crypto as comparable to the Internet in 1995, he now sees that a better comparison goes further back. 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.”
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