Tim Draper, a venture capitalist known for his insights about the cryptocurrency industry, has predicted that the total market capitalization of the crypto market will rise to $80 trillion in the coming 15 years.
While speaking at the DEALSTREETASIA PE-VC Summit 2018 in Singapore, Draper stated his belief that the latest downturn in cryptocurrency prices is related to people simply not being accustomed to the new digital asset class yet. Stating:
“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,” he says.
Draper went on to further compare cryptocurrency to the internet, a relationship that has been made by many in the past.
“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,” he said.
This comparison has been echoed by many. Brian Kelly of CNBC’s Fast Money compared cryptocurrency to the “Internet of the 1980s”, but highlighted the fact that Bitcoin is still in its fledgling stages. And this is not Draper’s first time to claim that cryptocurrencies and the blockchain technology possess more revolutionary potential than the internet.