Cryptocurrency Market To Swell To $10 Trillion Valuation
When it comes to absurd predictions, there isn’t anyone as outspoken as Nigel Green, the chief executive at DeVere Group, who has claimed that the cryptocurrency market is slated to see an unprecedented round of growth. In a press release issued by the world-renowned finance-centric consultancy company, which brought attention to Bitcoin’s upcoming 10th anniversary, surprisingly enough, Green claimed that the iron grip that Bitcoin (BTC) has over the current cryptosphere will only be loosened over the next decade.
However, the prominent executive, who hasn’t been afraid to discuss this emerging sector in the past, still expressed that the collective market capitalization of crypto assets will swell by “at least” 5,000% in the aforementioned time period (10 years).
Still, in an apparent nod to the original blockchain network, Green pointed out that Bitcoin “is what kickstarted” the cryptocurrency revolution, an unrelenting drive for decentralization, and visions of a new financial system that isn’t controlled by intermediaries. The DeVere CEO added:
[Bitcoin] has changed the way the world handles money, makes transactions, does business, and manages assets, amongst other things, forever. It all began with Bitcoin.
Green’s move to commend the importance of the Bitcoin Network indicates that he still believes in the foremost decentralized network and what it stands for, but is wary that other players will begin to encroach on the market share that Bitcoin (BTC) has carved out for itself. Returning to his original point regarding Bitcoin’s long-term future, Devere’s chief executive explained that as blockchain technologies continue to gain traction on a global scale, innovators, startups, and institutions will continue to deploy digital assets en-masse.
He explained that the entree of these new projects, which are likely to originate from “organizations in both the private and public sectors,” into the cryptocurrency market will likely “increase competition for Bitcoin and dent its market share.” Elaborating on his point, which may be radicalizing and polarizing in some contexts, he added that features, solutions, and technology offered by “yet-to-be-released cryptocurrencies” will likely result in users fleeing their BTC positions for a stake in new blockchain projects.
Bitcoin’s future aside, Green went on to double-down on his overly-bullish prediction, claiming that he has no doubt that fiat currencies will see a perpetual capital flight to crypto assets in the next 10 years. And as such, he added:
The pace of mass adoption will speed-up and the cryptocurrency market cap can reasonably be assumed to reach at least 5000 per cent above its current valuation over the next decade.
According to Green’s extremely over-the-top prediction, the cryptocurrency market could surge to a $10 trillion valuation, which he would be a valuation that has “grown beyond recognition.” While many were quick to bash his sentiment, which alludes to a world dominated by dozens, if not hundreds of crypto assets, the DeVere executive added the arrival of a growing number of retail investors, financial institutions, traditionalistic firms, and regulators into crypto will be a primary catalyst behind this monumental move.
Title Image Courtesy of Andre Francois via Unsplash
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