Binance CEO Zhao: Crypto Market Will ‘Absolutely’ Grow 1000x and More

[HappyWhiteHuman]

Binance CEO Zhao: Crypto Market Will ‘Absolutely’ Grow 1000x and More
Changpeng Zhao, the CEO of Binance better recognized as CZ, has said that crypto still has room to grow by more than a thousand times in the years to come.

Earlier this week, as CCN reported, Ethereum co-creator Vitalik Buterin stated that while the cryptocurrency sector as an industry can grow by a thousand-fold, it is unrealistic to expect the price of cryptocurrencies to see 1,000-fold gains in the future.

“The blockchain space is getting to the point where there’s a ceiling in sight. If you talk to the average educated person at this point, they probably have heard of blockchain at least once. There isn’t an opportunity for yet another 1,000-times growth in anything in the space anymore,” he said.

CZ Believes Otherwise
In 2017, the cryptocurrency sector has seen its most explosive yearly growth rate to date, as major cryptocurrencies like Bitcoin, Ethereum, Ripple, and Bitcoin Cash increased by 30 to 500-fold within a 12-month period.

The industry experienced such an exponential rate of growth in a period in which cryptocurrencies were being introduced to the mainstream for the first time. Major markets like Japan and South Korea demonstrated unprecedented levels of speculation and interest, which ultimately led the Bitcoin price to surpass $24,000 in the cryptocurrency exchange market of South Korea.

ethereum creator vitalik buterin
Ethereum founder believes the days of 1000x crypto market growth are long gone.  Vitalik Buterin | Source: TechCrunch/Flickr
Buterin stated that based on the current valuation of the market, it is not realistic to expect the valuation of the crypto market to increase from $200 billion to $200 trillion, which is equivalent to 70 percent of today’s global wealth, as that assumes cryptocurrencies would take over reserve currencies and operate as the world’s primary method of payment.

Still, CZ argued that the cryptocurrency market can still “absolutely” grow by a thousand fold in the long-term, as major cryptocurrencies like Bitcoin and Ethereum reach mainstream adoption.
https://www.ccn.com/binance-ceo-zhao-crypto-market-will-absolutely-grow-1000x-and-more/

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[f12345]

He clarified it later
To be clear, I never said that there is “no room for growth” in the crypto ecosystem. I said there is no room for *1000x price increases*. A 1000x price increase from today means $200T in crypto, or ~an entire 70% of today’s global wealth being in crypto.”

“What I *actually* said is that, because large portions of the population have already heard of crypto, further growth of crypto in any sense must come from *depth* (ie. actual usage), and not bringing in more attention.”

[nambunamba]

I believe someday crypto market would hit 1 trillion marketcap. There might be hidden gem in new coins that might be really big in future. Soon Nasdaq will selling cryptocurrency and we only need to wait until wall street doing the same thing. According to coinbase CEO there will be 1 billion people in crypto space in 5 years which i think if its true 1 trillion marketcap will become real.

https://cointelegraph.com/news/coinbase-ceo-brian-armstrong-1-billion-people-will-be-in-crypto-ecosystem-in-5-years

[CodyAlfaridzi]

I believe someday crypto market would hit 1 trillion marketcap. There might be hidden gem in new coins that might be really big in future. Soon Nasdaq will selling cryptocurrency and we only need to wait until wall street doing the same thing. According to coinbase CEO there will be 1 billion people in crypto space in 5 years which i think if its true 1 trillion marketcap will become real.

$1 trillion is a reasonable number, I mean even a single company marketcap (Apple) has surpassed that figure. Total crypto or even Bitcoin market cap will surpass that figure in a few years, I'm sure. But a 1000x market cap from here is fantasy. That means hundreds of trillion USD. Unless there's no change in status quo, that's unrealistic. I have to agree with Vitalik on this one.

[bobo012]

I doubt it will rise that much,  even 100 times current crypto market cap is too big. However we will see at least 10 or 20x from the current level.

[davis196]

"1000x and more" is ridiculous.I would be happy ,if the crypto market cap reaches 1 trillion USD.
This would be a "mission acomplished" for crypto.
Vitalik Buretin is kinda right on his pesimistic views,but he should be aware that ethereum is about to face a big crash during the next few years and this will most likely turn ETH into a useless coin with a very low price.

[snipie]

Maybe it is hard for most of cryptocurrencies nowadays to be multiplied by 1,000 but a new project with solid ideas and backed up by a rich country could reach that point.

[DgurJIupyf]

I believe someday crypto market would hit 1 trillion marketcap. There might be hidden gem in new coins that might be really big in future. Soon Nasdaq will selling cryptocurrency and we only need to wait until wall street doing the same thing. According to coinbase CEO there will be 1 billion people in crypto space in 5 years which i think if its true 1 trillion marketcap will become real.

$1 trillion is a reasonable number, I mean even a single company marketcap (Apple) has surpassed that figure. Total crypto or even Bitcoin market cap will surpass that figure in a few years, I'm sure. But a 1000x market cap from here is fantasy. That means hundreds of trillion USD. Unless there's no change in status quo, that's unrealistic. I have to agree with Vitalik on this one.

All right! It doesn't matter what he says. It is so obvious that in a few years the price of bitcoin will surpass its current maximum. No need to rush the time, you need to save and collect the necessary amount of bitcoins. It is possible trades to short for the sake of speculation, but it is necessary to look at the future price of cryptocurrencies in General.

[Idrisu]

That is a great news and I am happy people like this come out to speak about cryptocurrencies future.  I do believe that no matter what happened the future remain bright and if we want to be part of the future then we should invest now that we have opportunity to get them at cheap price.

[aencarnaci]

He clarified it later
To be clear, I never said that there is “no room for growth” in the crypto ecosystem. I said there is no room for *1000x price increases*. A 1000x price increase from today means $200T in crypto, or ~an entire 70% of today’s global wealth being in crypto.”

“What I *actually* said is that, because large portions of the population have already heard of crypto, further growth of crypto in any sense must come from *depth* (ie. actual usage), and not bringing in more attention.”

I believe he is actually realistic with his own, because when we are talking about the 70% of the global population being in crypto, we might as well just assume that everyone will be getting in. We do not need to also remember that just very few percentage of the global population is holding the largest percentage of the global wealth. Just a thought!

I would not say anything is impossible, but all I can say is that whatever it would be in years to come; I believe it is best we just leave it to time to decide. Still, there is absolutely no one who can actually see the future to be able to know what is realistic or not.

Zhao could have thought there is room and Vitalik thinking it is unrealistic to expect anything serious to 1000folds in the future and the days are long gone, but in the real sense, no one knows what the future holds and that is reality. Back in the days, who could have thought bitcoin would even get to this stage. I remembered old threads in which a lot of old member back then though $15 was overpriced. I guess that purely explains itself.

[cabron]

He said in years to come, not actually next year but perhaps in 2020 or 2025, it doesn't matter when but if you hold on and still have you BTc with you by 2025, its not just going to be $20k but probably $50K. Basically he jsut want you to tune in what will happen in the coming years who knows what could happen after all the mainstream media are covering crypto and lots of people are going to come in to pour their money into the industry.