The co-chief investment officer of one of the largest investment firm in the crypto industry expects the Bitcoin bull run to carry the market capital of the cryptocurrency to go 1000% more than its current valuation.
Joey Krug, CIO at Pantera, in an interview with Bloomberg predicted this, where it was forecasting that the upswing can push the crypto market capital to go more than $2 trillion.
He said that if we take a look at the next bull run, then the crypto market could hit 10 times more from here.
At present, the current market capitalization of the cryptocurrency space is a shadow of past. This year has tested the skill and patience of everyone involved in this market. For most of the times, the prices were down at least 75% across the board. The interest and involvement of institutions and mainstream entities, logically, should make the upcoming Bitcoin bull run huge.
As per the CIO, in order to catalyze the bull run, the market is currently waiting for the concrete adoption. To make this happen, there’s a need to increase scalability for cryptocurrency networks. He further stated that it is not that easy like creating an app, attracting users, and solving the scalability problem. But in these markets, you can never have market makers if you lack in scalability.
The two innovations for Bitcoin are Lighting and Liquid networks. Lightning Network, a second layer protocol, currently in beta, operates on top of Bitcoin and using the built-in scripting language, the consumers/users can transfer funds into LN payment channels.
The Liquid Network, a Bitcoin sidechain developed by blockchain startup blockstream which is focussed more on crypto exchanges, financial institution, and other BTC power users.
These technologies aren’t yet prepared for primetime, but Krug expects few crypto networks to achieve Mastercard/Visa scale in the coming years.