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Famed finance author Ric Edelman has said that crypto is still in the very early stages, comparing it to the internet right before the big boom. The crypto market which is a little over a decade old has grown exponentially in its short time in existence. At its highest, the market grew to $3 trillion surpassing the valuation of some of the most valuable companies in the globe. Despite this growth, the market still has a lot of growing to do and Edelman believes this is only the beginning.
Comparing Crypto To The Internet
It is estimated that there are 130 million users of the crypto market currently. 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. Edelman, speaking with CNBC, explained that the crypt 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 would be compared to the growth of the internet. The growth pattern of crypto has closely mirrored that of the internet, albeit at a faster pace, and if history is to be followed, then the next five years could very much see explosive adoption for cryptocurrencies.
Edelman continues on to say that crypto is an innovative technology that is allowing businesses to operate faster, which is what is driving the adoption of the digital assets. Basically, the market is still in its early innings and is yet to see 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.”
Cryptomarket recovers above $2 trillion | Source: Crypto Total Market Cap on TradingView.com
Getting Ready For Explosion
With the growth of crypto strongly correlating with that of the internet, Edelman places the current growth of the market at where the internet was in the 1990s. Recall that the internet did not really take off until the late 90s, where it became the ‘thing’ to have. For crypto, it is nearing this point.
“We now have the benefit of experience. We know how the internet just exploded in growth through the 1990s. 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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Additionally, Edelman adds that if blockchain technology can be implemented by the Transportation Department which has nothing to do with the movement of money, 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 dips that rocked the space. As digital assets begin another recovery trend, this number will continue to rise.
Featured image from Daily Advent, chart from TradingView.com