The cryptocurrency market has millions of users at the moment, but Pantera Capital’s CEO believes that the number will massively grow by 2027.
Pantera CEO Dan Morehead told CNBC in an interview on Wednesday that he believes the cryptocurrency market would hit billions of users over the next few years.
"The important thing to keep in mind is #crypto is such a disruptive thing that's going to change so many aspects of our lives in the next decade," says @dan_pantera. "We all are used to using #bitcoin as a proxy for blockchain, there are hundreds of really interesting projects." pic.twitter.com/Bt6e1UFF6t
— Squawk Box (@SquawkCNBC) September 21, 2022
Recent statistics show that there are more than 300 million people in the cryptocurrency space at the moment.
However, Morehead said he is confident the market would grow to billions of users over the next five years. His prediction comes despite the bearish trend in the cryptocurrency market since the start of the year. Morehead said;
“Hundreds of millions of people use blockchain today, I think in four or five years, it’s going to be literally billions of people.”
Morehead maintains his bullish stance on Bitcoin and the broader cryptocurrency market. He said;
“I can easily see a world a few years from now where risk assets themselves might still be struggling, but blockchain’s back to all-time highs.”
The crypto market’s performance in recent months aligned with that of the traditional financial markets. This has seen the crypto market lose more than 60% of its value, with the total market cap dropping from the $3 trillion all-time high to staying below $1 trillion at press time.
Morehead predicted that the cryptocurrency asset class could lose its close correlation with other markets in the future.
He told CNBC that he believes crypto is such a disruptive asset class that it would change various aspects of our lives. Morehead added that over the next few decades, cryptocurrencies would play a crucial role in our lives and would define the way we view finance and various other aspects of the global economy.
Bitcoin continues to trade below $19k after losing less than 1% of its value in the last 24 hours.