Weiss Ratings Challenges Charles Hoskinson’s ‘Tens of Trillions of Dollars’ Wall Street Comment


Charles Hoskinson has made an interesting comment. The co-founder of Cardano wrote a tweet on June the 21st in which he says that the cryptocurrency market is not going to die, but instead, there will be ‘tens of trillions of dollars entering the space.’

But it seems that he did not realize that even US GDP is less than $19 trillion dollars. Or maybe yes. Weiss Ratings, the important rating agency that has been rating cryptocurrencies since the beginning of the year, has uploaded a Tweet in which they answer Mr. Hoskinson.

They explain that total US banks assets is less than $17 trillion dollars and even the US GDP is less than $19 trillion dollars. The comments about what Weiss Ratings tweeted started to arrive. Some users said that the cryptocurrency market is worldwide and it can eventually be bigger than $19 trillion dollars if worldwide investors place their money on it.

At the moment of writing this article, the market capitalization of virtual currencies reaches $256 billion dollars, according to CoinMarketCap. But it was near $900 billion dollars at the beginning of 2018 when most altcoins skyrocketed.

The market could easily reach the trillions, but it may take longer time until it will see itself over $20 trillion dollars. Institutional investors are slowly entering the space and in the future, they could bring in hundreds of billions of dollars.

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