Co-founder and former Ethereum CEO Charles Hoskinson makes a bold statement on his positive outlook for the future of the cryptocurrency market.
Chomping At The Bit
Charles Hoskinson – co-founder and previous CEO of Ethereum and current CEO of Input Output HK (IOHK) – shared a hopeful and uplifting sentiment today on Twitter today:
What's often missed by the cryptocurrency is going to die broken record media is that after the next wave of regulation, wall street is showing up to the party with all their locked up capital. That's tens of trillions of dollars entering the space eventually. Future is bright
— Charles Hoskinson (@IOHK_Charles) June 21, 2018
Hoskinson references the ‘broken record media’ – mostly mainstream news sources – that are constantly claiming that Bitcoin and cryptocurrencies are simply a ‘bubble‘ that is ready to burst.
Currently, the total market cap of the cryptocurrency market is down 31 percent from its all-time highs in January of this year, but does that mean that the bubble has burst? For a few reasons, Hoskinson and other cryptocurrency enthusiasts believe that the market is still in its infancy stage.
Is Hoskinson just acting as a cheerleader, or is there anything substantial to back up his statement?
Why So Optimistic?
Hoskinson’s claim might seem like a bunch of ‘bull’ to some nay-sayers and salty investors who entered the market a little too close to the top, but let’s take a step back and look at some positive factors that could solidify his statements as likely and credible.
First and foremost, many devout investors and adopters boil over with anger when they hear someone speak of regulations in the market. Hoskinson, however, feels regulations are a top priority. He explains:
…after the next wave of regulation, wall street is showing up to the party with all their locked up capital. That’s tens of trillions of dollars entering the space eventually. Future is bright.
Some positive news in the regulation space came out earlier this month when The Security And Exchange Commission (SEC) announced that it would not be classifying Bitcoin, Ethereum, and other decentralized currencies as securities.
Another piece to the puzzle is the current price of most cryptocurrencies. At the time of writing this article, most cryptocurrencies are at all time lows for the year. Low prices combined with positive regulations are exactly the things institutional investors with deep pockets are looking for.
As the second quarter of 2018 will soon come to a close, the outlook on the future of the cryptocurrency market remains divided. It is important now, more than ever, not to lose touch of the end goal – to create a trustless decentralized financial ecosystem that is available for everyone to use.
Do you believe in Charles Hoskinson’s multi-trillion dollar market cap prediction? What are your predictions for the total market cap for the remainder of 2018 and the next few years? Let us know your thoughts in the comments below!
Images courtesy of Twitter, CoinMarketCap