Billionaire investor and prominent Bitcoin bull Tim Draper believes that the total cryptocurrency market capitalization will reach $80 trillion in the next 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.
“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),” Draper said when comparing the current state of the cryptocurrency market to the early days of the internet.
Ultimately, Draper believes the majority of the market value will be derived from blockchain disruption of massive industries, including finance, healthcare and insurance, banking and investment banking, and even governments.
Draper’s statements come the same week as other industry leaders made similarly bold predictions.
Michael Novogratz, the CEO of cryptocurrency focused merchant bank Galaxy Digital LP (GLXY), called a market bottom following a full-retrace in the Bloomberg Galaxy Crypto Index (BGCI), a 10-constituent cryptocurrency index that includes Bitcoin and top altcoins, such as Ethereum, Monero, Ripple and Zcash.
However, not everyone is in agreement that altcoins will recover in the same way that Bitcoin might. Sonny Singh, the chief commercial officer of cryptocurrency payment processor company BitPay, revealed that he is a Bitcoin (BTC) maximalist after stating that it is highly unlikely that altcoins will ever recover.
Singh points to the cooling ICO market and relative lack of adoption of most major altcoins in current and upcoming financial products as an indicator that a recovery might be out of the question.
While no one knows what the future holds, it is clear that notable crypto bulls are standing by their positions, even after over 8 months of a bear market.
Similar: BitPay’s CCO Is a Bitcoin Maximalist
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.