Former JP Morgan banker: "Crypto market will be much bigger"
Which direction does crypto choose for the future? Are we going to expand or shrink? According to Daniel Masters, the man who used to be the head of the 'global energy trading desk' at JP Morgan, only one evolution is possible. According to him, the crypto market is going to be even bigger than we have seen before. He said that during an interview with Bloomberg.
Masters is now chairman of the digital investment bank Coinshares and chief investment officer at Global Advisors. In an interview with Bloomberg, he explained how distributed ledger technology will give more control in the hands of the people on arranging their own mutual transactions.
"That's what makes this revolution"
Market value
The way Masters sees the world has never been a 'fight to death between crypto and the old financial system'. Instead, he says that it concerns what part of the total financial ecosystem is accrued to cryptocurrencies. He thinks that if crypto accounts for only 5 percent of that system, the market will still be much larger than it is today.
Masters manages more than $ 800 million in assets for cryptocurrencies such as Bitcoin, Ethereum, Zcash and Monero, as well as smaller coins and ICOs. They are very cautious about the latter, because there is a screening process that allows only 3 percent of small-scale ICOs to pass through their filter. All the rest are 'exposed' by them and are then labeled as 'scam'.
Masters recently quoted bitcoin as the 2018 opportunity before the crypto market reversed mid-April. If he's right, the cryptocurrency market can make his absolution peak of $ 820 billion market value fade this year or early next year.