Popular venture capitalist and crypto enthusiast, Tim Draper, has predicted that cryptos total market capitalization total market capitalization will hit unbelievable highs of 80 trillion by the year 2033. Tim Draper who has made a name for himself as a serial crypto market predictor was speaking at the deal street Asia PE-VC Summit 2018 in Singapore. Draper took time to address the current slump in crypto prices stating that the current slump was occasioned by people who did not want to take up crypto as a new asset class. He further stated that once more people became acquainted and familiar with the technology, it would to the transformation of a lot of industries.
Draper believes that crypto will have such a transformative effect on industries that it would lead people to become speechless. He stated that when the internet blew up decades ago it went after 10-100 billion dollar industries, but crypto is currently going for trillion dollar markets which are healthcare, insurance, banking, investment banking, and governments. In January of this year, Barron’s made a report on the Russell 3000 index which accounts for 98.5 percent of the whole US stock market was worth 30 trillion.
This mind-blowing amount was thanks to a very successful 2017 in which the market enjoyed 22 percent return on investments. Draper also went on to compare the early days of the internet back in the 90’s to the current crypto market. He stated that the internet began in the same way, it came in big massive waves and then started crashing down. The second wave made it big though and grabbed everyone’s attention and the rest is history. Draper predicts that Bitcoin will follow the same route as the internet did all those years ago.
CNBC’s fast money commentator, Brian Kelly has also in the past compared the crypto market as it is today with the internet as it was back in the 80’s. He highlighted that Bitcoin was still in its early days and things were looking up for the future. Brian Kelly stated that though he had for a long time subscribed to Tim draper’s school of thought which entailed comparing the crypto market to the internet back in 1995, he understands that better parallels could be drawn from further back. By further back, he is thinking 80’s when barely anyone knew what the internet was. He is a firm believer that it is still very early days for cryptocurrencies and believes that the technology will be game-changing. It remains to be seen whether draper’s prediction will come to pass but most commentators cannot argue with his way of thinking which is pretty sound.