Friday, February 3, 2023

Virginia Senator Mark Warner: Crypto Market Could Hit $20 Trillion

Virginia Senator Mark Warner: Crypto Market Could Hit $20 Trillion

Virginia Senator Mark Warner sounded quite bullish on cryptocurrencies during today’s U.S. Senate hearing on the cryptoverse. Then again, Warner’s not one to miss a trend, as he himself became a multimillionaire years ago during the wireless cellphone craze. He sees the rise of crypto as being a major wealth boom similarly. 

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Warner: “North of $20 Trillion”

The U.S. Senate met for its first official hearing on cryptocurrencies this morning, February 6th, and the session didn’t disappoint supporters of the space. From the CFTC Chairman saying all his kids own bitcoin to the SEC Chairman calling all ICOs “securities,” the fireworks have been flying, mostly in a good way.

Warner pictured.

Another major point of interest? The most bullish estimate yet publicly declared for the future market capitalization of the cryptoeconomy by 2020 just came from Senator Mark Warner during the hearing. We’ve heard heavyweights like Mike Novogratz and the Winkelovss twins hailing trillions coming, but Sen. Warner sees a whopping $20 trillion market cap just over the horizon.

“I think we may be on top of something that’s transformational, and I don’t think you can separate the underlying, distributed-ledger blockchain from some of these crypto assets,” Warner argued. “If we had the same rate of increase the next two years that we’ve had the last couple [of] years, we’re talking now a couple hundred billion, we’d be at north of 20 trillion dollars caught up in this area by 2020.”

Warner noted that the whole cryptocurrency craze reminded him of the cellphone boom, through which he personally became very financially successful:

“I remember back, I was lucky enough to get in the cell phone business back in the early 80s and everybody thought it was going to be a small business,” Warner said. “And, they were wrong, and I got rich. I think we’re looking at the same kind of transformation about to take place, and we are going to have to wrap our arms around it.”

Warner Did Have Concerns

Warner’s main bone of contention came during his questioning of CFTC Chairman J. Christopher Giancarlo. Warner suggested that bitcoin futures may have been given the greenlight too early:

“I’m just worried that we need a much more coordinated effort because I think the potential writ large amongst crypto assets and the underlying blockchain could be as transformational as wireless was years ago. I think we are going to need a much more coordinated effort.”

It’s a fair concern, considering the complexities inherent to the premature cryptoverse. Even still, though, the Virginia Senator’s clearly positioned himself for now as cryptocurrency’s biggest bull in Congress.

What do you think? Can you see the market cap of the cryptoeconomy hitting $20 trillion in 2020? Sound off in the comments below.

Images via wtop, Wikipedia

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