Crypto Market Capitalization to Reach $15 Trillion Dollars Says Tim Draper
The cryptocurrency expert Tim Draper, predicts that the market capitalization of virtual currencies will reach $15 trillion dollars in 15 years. That means that the market will be increasing over four hundred times in a very short period of time.
Draper has mentioned in the past that if cryptocurrency prices want to increase, they would have first to drop. And this is what happened during this year. Cryptocurrencies lost between 75% and 95% percent of their value from their all time high.
Mr. Draper gave these comments during a sponsored private equity and venture capital summit in Singapore called Deal Street Asia.
About it, he said:
“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.”
Draper explained that the prices fell hard during 2018 due to the fact that the market is full of ignorance. In the future, there will be a big disruption brought by blockchain technology, different to the one caused by the internet.
The internet was able to revolutionize industries related to billions of dollars. However, cryptocurrencies can change trillion dollar markets. He mentions health care systems, insurance and finance.
Draper has always been very bullish about the future of virtual currencies. At the beginning of the year, he said that blockchain technology has an even bigger potential than the industrial revolution, the Renaissance and the Iron Age. Moreover, he suggested that fiat currencies would be wiped out in half a decade after cryptos become mainstream.
Moreover, he said that Bitcoin would reach $250,000 by 2022. Back in 2015, he predicted Bitcoin to reach $10,000 by 2017, something that happened at the end of the year when BTC touched $20,000 dollars.
At press time, Bitcoin is being traded around $6,500 dollars and has a market capitalization of $112 billion dollars. In the last 24 hours it is registering a decrease of 0.08%.