The boss of one of the world’s largest independent financial advisory firms has compared those who dismiss cryptocurrencies as “just a fad” to King Canute.
As Bitcoin celebrates its 10-year anniversary on Wednesday, deVere Group founder and CEO Nigel Green said the cryptocurrency market is “unquestionably coming of age”.
His comments follow the publication of a long-awaited report by the Cryptoassets Taskforce, which is made up of representatives of the Financial Conduct Authority (FCA), the UK Treasury and the Bank of England.
The taskforce was launched earlier this year by Chancellor Philip Hammond to manage the risks around crypto assets and look at how the UK can harness the benefits of the underlying technology.
“Traditionalists who somehow still believe that cryptocurrencies are ‘just a fad’ could be compared to King Canute who is said to have attempted to command the tides of the sea to go back,” said Green.
“It’s becoming increasingly clear that cryptocurrencies are the future of money.”
Green said this was evidenced by Bitcoin turning 10 and by more governments, regulators, financial institutions and investors “appreciating the real and growing demand for digital, global currencies”.
He added that this is also underscored by the taskforce’s final report which states that ‘the market is continuing to evolve rapidly’ before adding that ‘there is increasing institutional investment in this space, and many banks are starting to explore how they can interact with this growing market’.
Green acknowledged that the crypto sector needs a “robust international regulatory framework” and ongoing supervision to help tackle illicit activity and protect investors – but stressed that the shift away from fiat money is only set to increase over the next 10 years.
“The pace of mass adoption will speed-up and the cryptocurrency market cap can reasonably be assumed to reach at least 5000 per cent above its current valuation over the next decade,” he said.
The cryptocurrency market is currently worth more than $400 billion, meaning it could reach the $20 trillion mark by the deVere CEO’s prediction.
He added: “As Bitcoin moves into its second decade and as authorities globally seek to harness the enormous potential of cryptocurrencies, it’s clear the market is, unquestionably, coming of age.”