Khaleelulla Baig, co-founder and CEO of Koinbasket, a thematic crypto funding platform, believes that the worldwide cryptocurrency market cap will cross $10 trillion within the next 5 years.
Baig instructed Business Today, “ I see the total market cap of the crypto market crossing $10 trillion within the next five years. That would attract the interest of the Indian investors.”
But Baig cautions that the expansion within the close to time period will be sluggish because the markets have consolidated and entered the so-called crypto winter part. He stated, (*5*)
The crypto market cap shrank from $3 trillion ranges in November 2021 to round $950 billion in July 2022, in a matter of eight months. Top cryptocurrencies like Bitcoin, Ethereum, Solana, Cardano, and many others have all crashed from their all-time highs.
The CEO additionally highlighted that the upcoming quarters would additionally take a look at the mettle of a number of crypto initiatives. He stated, “Things will stabilize over the next few quarters, and good crypto projects will reach new highs within the next two years.”
Speaking of the crypto trade in India, Baig stresses that the highway forward is sluggish and murky, particularly due to the stance of the federal government and regulatory our bodies in India. He stated, “The road for crypto in India definitely looks slow and murky in the near term. However, in the long run the crypto wave driven by public sentiment may push the government to take a dovish stance.”
Ajay Seth, India’s Economic Affairs Secretary, introduced in May that India’s session paper on cryptocurrencies is ‘almost ready’ and could be launched quickly. The paper continues to be awaited by traders and trade gamers.
Baig additionally believes that within the time to return, cryptocurrencies would additionally obtain some regulatory readability from G7 nations and wider adoption from economically backward nations.
“We will see more regulatory clarity coming out of G7 nations and more adoption from economically backward countries,” he stated.
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