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.’
What's often missed by the cryptocurrency is going to die broken record media is that after the next wave of regulation, wall street is showing up to the party with all their locked up capital. That's tens of trillions of dollars entering the space eventually. Future is bright
— Charles Hoskinson (@IOHK_Charles) June 21, 2018
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.
Charles Hoskinson, co-founder of #Cardano, tweeted that Wall Street’s entry into crypto will bring in “tens of trillions of dollars.” Slow down, please. Total US banks assets is less than $17 trillion. Even US GDP is less than $19 trillion. #ADA #crypto #cryptocurrency #bitcoin
— Weiss Crypto Ratings (@WeissCrypto) June 25, 2018
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.