While the cryptocurrency market continues to battle with the bear markets, Crypto bulls line up with predictions that it will recover sooner rather than later. Recently, Tim Draper, a billionaire investor claims that initially bitcoin and cryptocurrencies will subside momentarily but then they will rally up become an $80 trillion business in the next 15 years.
Drapers addressed the DEALSTREETASIA PE-VC Summit 2018 in Singapore on Wednesday and noted that the current phase of bitcoin resembles that of the internet technology, which started slow bit eventually came to sweep the world by storm. He stated:
“The internet started in the same way, it came in big waves and then it kind of came crashing down, and then the next wave comes concentrated but much bigger, and I suspect the same thing will go on here (with “../bitcoin/” target=”_blank” rel=”noopener noreferrer”>bitcoin).”
Cryptocurrencies have observed a boom in terms of acknowledgment and value over the years. In early December last year, the cryptocurrency market reached a value of around $800 billion. However, the value has since then, been on a steady decline and the questions about it volatility have risen and the subsequent recognition as a legitimate financial asset remains uncertain.
Draper explains on his video call at the event, that the current slowdown is a resultant of people hesitation despite clearly seeing its potential. He further elaborates the technology will bounce back and transform many huge industries around the world once people become more familiar with it. He said:
“I think it’s going to have such a transformative effect on industries that we never even imagined would be transformable. The internet went after industries that were $10-100 billion dollar markets, cryptocurrency will go after trillion dollar markets – these are finance, healthcare and insurance, banking and investment banking, and governments”
Famous for his successful investments in companies like Baidu Inc, Tesla Inc and Skype, Draper mentioned last year that he sees a potential for bitcoin and blockchain ventures in Indonesia due the country’s lack of modern banking infrastructure. Though he hasn’t been known to invest in Indonesian blockchain company as yet, he backs UangTeman, a peer-to-peer lending company through his VC firm Draper Associates.
The Southeast Asian portfolio of the successful investor, include companies like Singapore-headquartered fashion marketplace Zilingo, which last raised a $54-million Series C round in April. Draper also makes investments in Southeast Asia startups through early-stage venture capital firm Wavemaker, which focuses on investments in B2B and deeptech companies. The capital firm’s portfolio includes enterprise fraud management solution provider CashShield, 3D printing startup Structo, and artificial intelligence, AML solutions provider SilentEight.
The positivity of Crypto enthusiasts are currently not rubbing on the market, which has divided the market into the world of pessimist and optimistic.
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