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CZ believes 1,000x increase is possible

Changpeng Zhao, the CEO of the world’s largest cryptocurrency exchange, Binance, better known to the community as CZ, stated that a thousandfold return from the current valuation of the market is “absolutely” possible, offering an extremely optimistic prediction on the future price trend of the market.

CZ stated that $200 trillion could seem unrealistically large if compared to the traditional finance market. But, similar to comparing the taxi industry to the market size of Uber, CZ explained that it is not accurate to measure the potential of the crypto market based on the size of the traditional finance market.

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“I still disagree with this. I will say ‘crypto will absolutely grow 1000x and more!’ Just reaching USD market cap will give it close to 1000x, (that’s just one currency with severely restricted use case), and the derivatives market is so much bigger.

“You also can’t use traditional market size to measure potential for new technologies or industries. If you used (and people have) taxi market size to estimate Uber’s potential, you would be off by quite a bit.”

There is merit in CZ’s argument that the potential of cryptocurrencies cannot be measured based on the market size of the traditional finance market. But, over the past year, the biggest companies in crypto, such as Coinbase, Gemini and BitGo, have been working to establish custody solutions to bring in institutional investors into the space, while investors have been highly anticipating the debut of  exchange-traded funds (ETF) and all sorts of publicly tradable instruments around crypto.

Hence, with the majority of investors in the crypto market anticipating an influx of investors from the traditional finance sector, to some extent, investors have to explore the finance market to measure the potential market size of crypto.

Moreover, as ShapeShift CEO Erik Voorhees said, global finance is becoming further integrated with crypto finance, and as the cryptocurrency sector continues to create bridges connecting the two markets, both markets will continue to intertwine and affect one another, positive or negatively.

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As CZ stated, it is also important to acknowledge that money is one application of blockchain technology that is best demonstrated by Bitcoin. Venture capital firms and prominent investors like Ben Horowitz generally consider blockchain technology and smart contract blockchain protocols like Ethereum as new global computing systems.

Bitcoin, Ether and other major cryptocurrencies that have started to be adopted as stores of value have alternative use cases. Ether operates as gas that fuels the Ethereum smart contract blockchain protocol, which — with sufficient scaling through the implementation of sharding and Plasma — could compete against centralized web servers and computing platforms in the long term.

The ability of blockchain technology to operate as a computing system on top of a form of money could add more value and, as CZ said, in the sense that blockchain technology is not limited to money, it can be argued that the comparison between crypto and the finance sector represents only one aspect of the market.

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Best Regards,

Wayne

Reach me @ waynebarteau1952@gmail.com for any questions, or More Information!

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