The president of the agency creating good contract platform Avalanche (AVAX) is optimistic that the full valuation of the crypto market will greater than double this yr.
In a brand new interview on CNBC’s The Exchange, Ava Labs chief John Wu says he believes that crypto as an asset class can develop over 111% within the subsequent 12 months.
“The asset class, which is roughly about $2.3/$2.5 trillion, we’ll be talking about the biggest story in 2022 is how the crypto asset class doubled and went to $5 trillion.”
At time of writing, the market capitalization of all crypto property stands at $2.36 trillion.
Wu additionally unveils the the explanation why he thinks crypto will develop regardless of indications from officers of the Federal Reserve that they are going to start to taper asset purchases and lift rates of interest this yr to fight inflation.
“It’s going to probably be the only asset class that could withstand the headwind from the macro factors of Fed tightening and geopolitical issues that are out there, and I think the reason is very simple: because from where I sit, what I see is basically a massive inflow of talent capital and usage. I’m almost embarrassed to say that that’s a prediction because I’m just reporting what I see on a daily basis.”
Looking at Bitcoin, Wu predicts that whereas Bitcoin (BTC) will publish positive aspects this yr, it’ll possible lose market share as he sees different altcoins outperforming the remainder of the crypto markets.
“Bitcoin will probably lose more dominance even though it’s going to grow nicely. It’ll go probably to 30% dominance from 40% right now and if it’s a $5 trillion for the industry, that’s roughly a $75,000 price target.”
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