Sergey Nazarov, the co-founder of blockchain oracle Chainlink (LINK), believes that the cryptocurrency industry is currently in the “early to mid-stage” phase of growth. According to Nazarov, the total market capitalization of the crypto market could increase by almost four times its current level.

Nazarov stated, “When the crypto industry surpassed $200 billion, it became evident that it was on a trajectory to become a large global market that would continue to expand. It is now valued at over $2.5 trillion, and I personally believe it has the potential to reach $10 trillion due to the demand from consumers, retailers, and hedge funds. This is the market that large institutions like BlackRock are interested in.”

The co-founder of Chainlink believes that the traditional finance industry will play a crucial role in pushing the total market cap of crypto above $10 trillion. He said, “To achieve further growth beyond $10 trillion, the crypto and blockchain industry must tap into the value locked within traditional financial institutions. This process involves these institutions creating their own chains and putting their assets on the blockchain, which will propel the crypto industry into the hundreds of trillions of dollars. We are still in the early to mid-stage of the industry’s development.”

Nazarov sees the interest from legacy asset managers as a positive sign for the future of the crypto industry. He stated, “Even at $2.5 trillion, the market is significant enough to attract the largest asset managers to invest in resources and develop financial products for this market. Their interest in the market indicates that there is still significant room for growth.”

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