Charles Hoskinson, co-founder of altcoin Cardano (ADA), tweeted June 20 that the entry of Wall Street into the crypto sector will bring in “tens of trillions of dollars:”
Cardano, which is currently ranked 8th on Coinmarketcap, has a market cap of around $3.5 billion. Charles Hoskinson was also one of the founding members of Ethereum (ETH), crypto startup Invictus Innovations, and crypto tech company IOHK.
When asked by a commentator what exactly the crypto community is building, Hoskinson answered “an entirely new world:”
The intersection of cryptocurrency and Wall Street has been welcomed by those who also see a potential influx in capital. In mid-May, cryptocurrency wallet and exchange Coinbase released a new suite of products designed to attract institutional investors by relieving security and regulatory compliance concerns. Speaking about the product release, the VP of Coinbase referred to “$10 billion” of Wall Street money that now had the potential to enter the market.
The “trillion” value has also been bandied around before, as Dan Morehead, CEO of $1 billion crypto hedge fund Pantera Capital said in April that a $40 trillion crypto market is possible, in part due to Wall Street’s increasing interest in clearing crypto trades.