For those of you that are contemplating giving up on cryptocurrency investments, think again. It is not too late to turn any lost investments around – at least according to deVere Group’s latest press release that provides us with market insights from the point of view of Nigel Green.
With the increasing number of people adopting blockchain technologies and cryptocurrencies, Green’s comments taken from the press release state that he can see the valuation of all cryptos contributing to a 5,000% rise over the next decade. His comments come in light of the 10th year anniversary of Bitcoin.
Currently adding the market capitalization of all cryptocurrencies currently listed, the overall market cap sits at $4 billion. Probably not as much as some people may have predicted. Plus, this figure was in excess of $5 billion at the beginning of the year, which for some spells the decline of cryptocurrencies.
However, if we look back to 2017 when the market cap for the entire cryptocurrency market was below $1 billion, then this should put things into perspective.
The Market Reached A Boiling Point
One of the issues with the 2017 Q4 rocketing prices of cryptocurrencies was the inevitable offloading of cryptos by many investors. This is one of the reasons we have seen the market tank over 2018. It is obviously a small contributor because we have also seen our fair share on Ponzi schemes and corrupt ICOs just jumping on the bandwagon to make a quick buck.
However, as the cryptocurrency marketplace matures, new rules and regulations start to come into place, and we start to understand the ICOs with consumer interest at heart, the marketplace is becoming a much safer and transparent place to invest.
You only have to look at the recent Coinbase Custody license awarded by the New York Department of Financial Services (NYDFS) to understand just how far this marketplace has come – a cryptocurrency based business now has a license that is held by several fiat current custodians that hold large sums of cash on behalf of major investment firms and banks. Also, it is worth reading about Ripple’s Money Tap app that is integrating itself into the Japanese financial system.
All that has happened in 2018 is the market skyrocketed way above any its pre-Q4 periods of 2017, and far beyond the value of any pre-2017 valuations.
Therefore, writing off the cryptocurrency marketplace just because 2018 has shown a decline is wrong. Anyone that has been involved in cryptocurrencies since mid-2017 or before this time will tell you that the marketplace has far surpassed their expectations.
$20 Trillion Cryptocurrency Market By 2028
One of Green’s most notable points in the press release issued by deVere Group was his 10-year forecast for the cryptocurrency market. He expects new players to enter the crypto-sphere. These new players will raise capital for their ICO and many of these start-ups will be successful further fuelling the predicted rise in value.
It is hard to dissect exactly what Green means by this if we begin to ask some of the obvious questions. Will this rise be a few individual players amassing huge profits thus raising the market capitalization of their ICO? Is this rise going to consist of new start-ups that are going to rocket to success? Or is the rise going to be part of a mass adoption across both public and private sector businesses, and therefore, the number of ICOs will rise by 5,000%? (just a figure to throw out there as an example).
Green did not go into further detail as to just how the cryptocurrency market will rise to the dizzy heights of $20 trillion. He just said new technology, features, and solutions will enter the crypto-space and these start-ups will contribute to a rise in the market capitalization while at the same time, they will reduce Bitcoin’s influence.
He also says that the cryptocurrency marketplace will look completely different to what we see now. We may not be seeing ETH, XRP, BTC, BTH, XMR in the top 10. In 10 years’, time these charts will be unrecognizable.
Invest Wisely To Succeed
Reading between the lines, there is a lot more money to be added to the crypto-sphere. There are more people that understand how to invests. More exchanges are diversifying their trading pairs, an increasing number of wallets are available online, and overall for the average person, it is a lot easier to get into cryptocurrencies these days.
Furthermore, more people understand cryptocurrencies and what they are. They are becoming less frightened – plus the younger digitalized generation is growing up with the concept of cryptocurrencies in their face. This is the generation is likely to contribute to the future mass adoption of digital currencies.
Lastly, we only need to look at the recent deployment of IBMs Food Trust Application or the New South Whales government adopting a Land Registry blockchain solution in Australia and the fact that major companies are including the blockchain tech into training courses to realize that increasingly public and private companies are looking to blockchain technologies for efficiency solutions.