“Tens of Trillions of Dollars” to Make An Entry Into Cryptos
Charles Hoskinson is a well-known name in the crypto industry. He is the co-founder of altcoin Cardano (ADA), one of the founding members of Ethereum (ETH), crypto startup Invictus Innovations, and crypto tech company IOHK. His recent tweet is under the spotlight now. He tweeted that the entry of Wall Street into the crypto sector will bring in “tens of trillions of dollars:”
“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”, tweeted Hoskinson.
Cardano currently is ranked 8th on Coinmarketcap and has a market cap of around $3.5 billion. When a commentator asked him about what exactly the crypto community is building, Hoskinson answered “an entirely new world:”
Joaquin Beltran commented on his tweet, “But what are we building that is really useful beyond Bitcoin???” to which Hoskinson answered “An entirely new world.”
The intermingling of cryptocurrency and Wall Street has been welcomed by those who identify the prospects of a potential influx in the capital. In mid-May, cryptocurrency wallet and exchange Coinbase released a new suite of products aimed to lure institutional investors by addressing security and regulatory compliance concerns. The VP of Coinbase referred to the “$10 billion” of Wall Street money that now had the potential to enter the market, in the context of the product release.
This trillion dollar value has been emphasized before as Dan Morehead, CEO of $1 billion crypto hedge fund Pantera Capital said in April, that a $40 trillion crypto market is possible, in part due to Wall Street’s increasing interest in clearing crypto trades.