Ric Edelman, an acclaimed finance writer has stated that crypto is in its very early stages. He compared it to the internet just before the boom. In its ten years of existence, the crypto market has seen exponential growth. It reached $3 Trillion at its maximum, which was more than the value of many of the largest companies worldwide. Edelman says that despite all this growth, there is still much to be done.
Crypto and the Internet: A Comparative Analysis
The crypto market is currently used by 130 million people. This number has grown from the previous years but still remains a tiny fraction of the world’s population who are yet to come into the market. CNBC’s Edelman explained to CNBC that the growth rate of the crypto market is very similar to the internet 20-30 years ago.
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It isn’t the first time the rise of crypto has been compared with the web. Although the growth of cryptocurrency has been slower than the internet’s, it is close to the same pattern as the internet. If history is any guide, the next five years will see explosive adoption of cryptocurrencies.
Edelman says that cryptocurrency is an innovative technology which allows businesses to run faster. This is why the rise in adoption of digital assets. The market is still early days and has yet to experience real growth.
“This is really like the internet back 20 or 30 years ago. We have to recognize that this only comes along once in a generation,” Edelman told CNBC. “The innovative technology is allowing businesses to operate faster, cheaper with greater transparency, greater security, and this is why businesses are falling over themselves with development of blockchain technology.”
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Get Ready for Explosion
Edelman believes that the rise of cryptocurrency is closely related to the internet’s growth. In fact, Edelman puts the current market growth at the same level as the internet in the 1990s. Recall that the internet did not really take off until the late 90s, where it became the ‘thing’ to have. This is where crypto is at the moment.
“We now have the benefit of experience. The internet’s growth has exploded since the early 1990s, and we know this. That’s where we’re at today – incredibly early for the investors who are recognizing the opportunities that aren’t going to exist 10 or 15 years from now the way they exist today.”
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Edelman says that blockchain technology is also possible to be applied by Transportation Department. This has no connection with money movements. It shows the wide and substantial value of this technology.
After a string of dips and crashes that rocked it, the crypto market is now at $2 trillion. This number is expected to continue rising as digital assets undergo a new recovery trend.
Featured image taken from Daily Advent. Chart from TradingView.com