- 17th September 2018
- Posted by: emy
- Category: Media
Tim Draper, the venture capital investor, speaking at the DealStreetAsia PE-VC Summit 2018 held in Singapore, said in his talk that he believes the total cryptocurrency market capitalisation will hit $80 trillion in the next 15 years. Currently, the total market cap is $202 billion, which shows you the extent to which Draper believes it can and will grow.
He told the audience of leading investors that when people become more familiar with the technology it would transform several major industries globally. He said: “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.”
Draper also looked at the comparison between the early days of the Internet and cryptocurrency, saying, “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 (with Bitcoin.” Brian Kelly of CNBC’s “Fast Money” has also made the same comparison, and like Draper is another big cryptocurrency supporter. He said that the technology is going to work and that it’s going to be a game changer, but we’re still in the early days, so there’s bound to be some volatility.