Crypto is still in its infancy, said famed financial author Rick Edelman, who compared it to the internet before the big boom. The crypto market that is just over a decade old has grown exponentially in its short span of existence. At its highest, the market has grown to $3 trillion, outstripping the valuation of some of the world’s most valuable companies. Despite this growth, the market still has a lot to do with growth, and Edelman believes that this is only the beginning.
Internet encryption comparison
It is estimated that there are 130 million users of the crypto market currently. This number has grown compared to previous years but still represents a small portion of the world’s population that has not yet entered the market. Edelman, speaking with CNBC, explained that the crypto market now is similar to what the Internet was 20 or 30 years ago in its growth pattern.
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This is not the first time that the space has been compared to the growth of the Internet. The growth pattern of cryptocurrency closely mirrors that of the internet, albeit at a faster pace, and if history is followed, the next five years could see massive adoption of cryptocurrencies.
Edelman continues to argue that crypto is an innovative technology that allows companies to operate faster, which is driving the adoption of digital assets. Basically, the market is still in its infancy and hasn’t seen real growth yet.
“This is really like the Internet from 20 or 30 years ago. We have to realize that this only comes once in a generation,” Edelman told CNBC. “Innovative technology allows companies to operate faster and cheaper, with greater transparency and greater security, which is why companies have fallen for themselves in developing blockchain technology.”
Cryptomarket recovers above $2 trillion | Source: Crypto Total Market Cap on TradingView.com
Prepare to explode
With the growth of crypto closely related to the growth of the Internet, Edelman places the current growth of the market where the Internet was in the 1990s. Remember, the internet didn’t really take off until the late ’90s, when it became the “thing” to have. For cryptocurrencies, it’s getting close to that point.
“Now we have the advantage of experience. We know how the Internet exploded in growth during the 1990s. This is where we are today — too early for investors to realize opportunities that 10 or 15 years from now won’t exist the way they exist today.” .
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In addition, Edelman adds that if blockchain technology can be implemented by the Department of Transportation that has nothing to do with the movement of funds, it shows the broad and significant value of the technology.
The crypto market has now recovered to the $2 trillion mark after a series of crashes and falls that rocked the space. As the digital asset recovery trend begins, this number will continue to rise.
Featured image from Daily Advent, chart from TradingView.com