Crypto market can grow about 60 times as per the Coinbase CTO Balaji Srinivasan. However, this led the crypto community to question the integrity of facts linked by Srinivasan that led him to go in defense.
Crypto growth remaining >60X: Balaji Srinivasan
The predictions, insights, and analysis of cryptocurrency market are on a spiral for the past few days. Now, the Chief Technology Officer of Coinbase, Balaji Srinivasan has come up with an enthusiastic and a pretty bullish analysis for the crypto market.
The tweet states that for now only 8 percent of the Americans which makes it about 30 million people and less than 1 percent of worldwide are holding cryptocurrency. Whereas about 63 percent of the adults globally own smartphones. This indicates the potential of a user base for the crypto market which is about 61 times bigger than its existing ones.
However, it ignited some heated discussions among the people and many more accusations as the integrity of his supportive content get into question.
— Balaji S. Srinivasan (@balajis) July 11, 2018
One one side people believe the crypto market has a long way to go and growth is inevitable. They go with the idea of crypto being a long-term market which is only going to get bigger so Hodl.
On the other hand, many questioned the accuracy of 8 percent of the US population holding cryptocurrencies. Srinivasan linked his tweet with the Finder survey of 2,001 Americans which found 92.05 percent haven’t invested in cryptos.
It showcases Bitcoin (BTC) as the most popular currency among the investors. Moreover, the survey also points out that the reason for not investing is because they think either it is too risky or just a scam. Many are simply not interested or think involves too high fees and is difficult to understand and use.
Crypto community finds it hard to believe
Tweeters found the number hard to believe as pointed out by some with comments like,
“I think 8% Is generous.”,
“8%??? More like 0.8%”,
“8% of Americans do not own crypto. This is preposterous.”
Investors also didn’t find the combination between the Smartphone users and the impact of these investors on expanding the user base of the crypto market in general appropriate enough.
This led Srinivasan to clarify that the data available shows it so and clearly it couldn’t be less than 1 percent.
The crypto community is all for the hopes of a humongous growth but this doesn’t stop them from questioning the real potential of that hope.
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Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.