Renowned financial writer Ric Edelman has said that crypto is still in its early stages, comparing it to the internet before the big boom. The cryptocurrency market, which is more than a decade old, has grown exponentially in the short period of its existence. At its peak, the market grew to $3 trillion, surpassing the valuations of some of the world’s most valuable companies. Despite this growth, the market still has a lot of room to grow, and Edelman believes this is just the beginning.
Comparing encryption to the internet
It is estimated that the crypto market currently has 130 million users. This number has grown from previous years, but is still a small fraction of the world’s population that has yet to enter the market.Edelman, with NBC Finance Channel, explaining that the crypto market today is similar in growth pattern to the internet 20 or 30 years ago.
This is not the first time such a space Compared with the development of the Internet. The growth pattern of cryptocurrencies is closely related to that of the Internet, albeit at a faster rate, and if history is to be followed, the next five years are likely to see an explosion of cryptocurrency adoption.
Edelman went on to say that encryption is an innovative technology that allows businesses to operate faster, which is what is driving the adoption of digital assets. Basically, the market is still in the early stages and has yet to see real growth.
“It’s really like the internet 20 or 30 years ago. We have to realize that this will only happen once in a generation,” Edelman told CNBC. “Innovative technology enables businesses to operate faster and cheaper with greater transparency, greater security, and that’s why businesses are bogged down by the development of blockchain technology.”
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ready to explode
With the growth of cryptocurrencies closely tied to the growth of the internet, Edelman places the current market growth at the level of the internet in the 1990s. Recall that the internet didn’t really take off until the late ’90s, where it became a “thing”. For cryptocurrencies, it’s close to that.
“We have the benefit of the experience now. We know how the internet exploded in the 1990s. That’s where we are today — for those who realize that 10 or 15 years from now, opportunities won’t exist like they do today. It’s very early for investors.”
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In addition, Edelman added that if the transportation sector can implement blockchain technology that is agnostic to the flow of funds, it shows that the technology has broad and significant value.
After a series of crashes and falls that rocked the space, the crypto market has now recovered to the $2 trillion mark. This number will continue to rise as the digital asset begins another recovery trend.
Featured image from Daily Advent, chart from TradingView.com