Chief Investment Officer at Pantera Capital, Joey Krug, has expressed his views about the future of cryptocurrencies market. Concerning the current price fluctuations of Bitcoin, he reportedly stated that Bitcoin, in its next bull run, has the probability of 10 times increase.
Bitcoin Bull Run to Induce a Trillion Dollars Market Cap
Reports and data from Coinmarketcap imply that Bitcoin is maintaining roundabout stability at $6500. This, according to Pantera Capital’s Joey Krug, is the closest to the lowest the coin could get before its next bull run which would invariably shape the overall market cap at that point.
Speaking with Bloomberg, the Joey Krug explained that despite the coin being “close to the bottom,” there was a probability that its next bull rally would give a ten times spike in valuation. He further predicted that the crypto market will hit a trillion dollar cap.
“If you look at the next bull run, I think the crypto space overall could hit 10x from here.”
He reinforced that mainstream adoption of the cryptocurrency remains a significant catalyst to market’s movement. True to form, widespread adoption in various countries especially in Europe has in way induced considerable progress in the market’s present valuation. Accordingly, Bitcoin trading volumes had been noted to have surged in Argentina, Peru, Venezuela, Malta as well as Switzerland.
Scalability and Fair Regulations to Catalyse Bull Run
One of the major battles faced by cryptocurrencies, in general, is the regulations battle. It is no news that 2018 has been a rather tough year for cryptocurrencies different parts of the globe such as China, Japan, and the US.
With relaxed regulatory measures in place, the move of the market to the target cap would be catalyzed especially given that global adoption would be encouraged. Pantera Capital’s CIO, however, added that another significant catalyst to the 10x growth is the improvement in scalability.
“[…] these are all markets, and so if you don’t have scalability, you don’t have market makers, and so you don’t have liquidity.”
He pointed out that the Lightning Network is one of the best solutions to the scalability issues faced by cryptocurrencies at large. The lightning network majorly bypasses the need for the validation of the miner, and thus, transactions are processed at faster speeds.
Krug further hinted that other solutions could hit big in the market in the future, there is, therefore, a probability of some cryptocurrency networks achieving the same level of scalability in MasterCard.