Khaleelulla Baig, co-founder and CEO of Koinbasket, a thematic crypto investment platform, believes that the global cryptocurrency market cap will cross $10 trillion within the next five years.
Baig told 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 growth in the near term will be slow since the markets have consolidated and entered the so-called crypto winter phase. He said, “The crypto market has entered consolidation phase and will remain widely range bound in the second half of 2022.”
The crypto market cap shrank from $3 trillion levels in November 2021 to around $950 billion in July 2022, in a matter of eight months. Top cryptocurrencies like Bitcoin, Ethereum, Solana, Cardano, etc have all crashed from their all-time highs.
The CEO also highlighted that the upcoming quarters would also test the mettle of several crypto projects. He said, “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 industry in India, Baig stresses that the road ahead is slow and murky, especially because of the stance of the government and regulatory bodies in India. He said, “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, announced in May that India’s consultation paper on cryptocurrencies is ‘almost ready’ and would be released soon. The paper is still awaited by investors and industry players.
Baig also believes that in the time to come, cryptocurrencies would also receive some regulatory clarity from G7 nations and wider adoption from economically backward countries.
“We will see more regulatory clarity coming out of G7 nations and more adoption from economically backward countries,” he said.
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