Led by bitcoin’s quadrupling in value so far this year, the crypto market cap has reached $150 billion. Bankless Times got reaction from industry leaders.
Sergey Nazarov, founder and CEO, SmartContract.com
“$150 billion is extremely conservative when you look at the back-end infrastructure that blockchain-based systems are set to replace or completely reform in the next five years. What is the value of the systems that currently secure every institutional securities transaction, insurance transaction, and trade finance transaction worth? Much more than $150 billion. The World Economic Forum arrived at its valuation of 10% global GDP by 2027 on blockchain-based systems, which is in the trillions, and many of those same global thought leaders now feel those projections were conservative.”
Daniel Zakrisson, cofounder, Cofound.it
“In all networked systems, there is a point when the value of being in the system becomes larger than what each individual participant puts in — the inflection point when explosive growth begins. The crypto market cap reaching $150 billion market today underlines the fact that we are quickly approaching this point. The number of crypto market participants is growing exponentially and the first use cases are reaching mainstream adoption.
“One of these use cases is early stage venture funding. This summer there has been more venture funding raised via blockchain token sales than via traditional early stage funding in the IT sector on a global level. This is a movement that has just started but that is already shifting the balance and structure of the incumbent venture capital ecosystem.”
Rob Viglione, cofounder, ZenCash
“If market prices retain any useful informational content, which theory suggests they do, then the 10x run-up in the crypto market capitalization over the last year signals there is something important taking place. Whether that something ends up being radically transformational, or simply a speculative delusion is yet to be seen: The cool thing is that we’re seeing history unfold.”