The co-founder of blockchain oracle Chainlink (LINK), Sergey Nazarov, is saying that the crypto industry is in the “early to mid-stage” phase of growth.
According to Chainlink co-founder, the total crypto market capitalization could soar by nearly four times from the current level.
“The crypto industry in my opinion when it crossed $200 billion got on an inescapable inevitable trajectory to be a large global market that would continue to grow. It’s now at over $2.5 trillion in value and I personally think it could get to $10 trillion on the basis of consumer and retail and hedge fund demand. And I think that market is what large institutions like BlackRock are interested in.”
The Chainlink co-founder says that the traditional finance industry holds the key to pushing the total market cap of crypto above $10 trillion.
“The remaining growth beyond $10 trillion for the crypto industry and the blockchain industry I think will have to happen through all the value that’s locked In traditional financial institutions. And that’s where that process of them generating their own chain, putting those assets on-chain will take the crypto industry way past $10 trillion into the hundreds of trillions [of dollars]. So we’re still kind of in the early to mid-stage of the industry’s development.”
According to Nazarov, the interest shown by legacy asset managers is a sign of what the future holds for the crypto industry.
“Even at $2.5 trillion it’s big enough to justify the largest asset managers investing in resources and building financial products for that market. So I think they’re interested in that market which is a very good sign because that market still has I think multiples of growth left.”
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