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The Interview with BitXmi CEO, Mr. Sanjay Jain

Sanjay Jain

Сryptocurrency world market may exceed $ 16 trillion

Experts assessed the prospects of digital money at the Dubai summit

While some states are increasing restrictions on cryptocurrencies, others see them as a promising direction for their development. In this case, we are not talking about state digital currencies, but about real decentralized means of payment. “Innovation has never been more important than it is now as the world is recovering from the global Covid-19 pandemic,” said United Arab Emirates Minister of State Sultan Ahmed Al Jaber at the opening of the New Financial Technologies Summit in Dubai.

The Emirate of Dubai, one of the most advanced blockchain centers in the world, has hosted specialists in new financial technologies – the participants of the joint AIBC-AGS summit. AIBC is an exhibition of disruptive cryptocurrency technologies, blockchain, artificial intelligence, and quantum computing. And the AGS Forum is a meeting of leading digital marketing experts, marketers, and content creators.

Sanjay Jain, CEO of the BitXmi crypto exchange, shared with “Nezavisimaya Gazeta” the prospects for cryptocurrencies:

 Sanjay Jain

Can we say that government digital currencies will crowd out private cryptocurrencies?

Sanjay Jain: There are fundamentally important differences between real cryptocurrencies and what are called “centralized digital currencies” (CDC). One of the main advantages of cryptocurrencies is that they are decentralized. This means that no one person, government, company, or group can control them. CDCs are on the opposite side of the financial system – they are as centralized as possible.

China has gone the farthest, launching digital yuan pilot programs in several cities. The President of the European Central Bank, Christine Lagarde, announced in late March that the governing council will decide on the transition to the digital euro in mid-July 2021, but it will take at least four years to roll out to the masses. At the moment, central bank digital currencies, or CBDCs, are not widely used in any other major country.

As you can see, the implementation is taking place gradually and has not yet found a wide response among the masses. In most countries, this issue is considered only in the tenth line on the agenda of government issues. But even with the massive introduction and distribution of government digital money, I believe digital currencies will never replace or displace cryptocurrencies. The only thing they can crowd out is commercial banks. As soon as a national cryptocurrency is created that can compete in rate with a bank deposit, the need to keep money in banks will disappear.

CBDCs can also replace non-cash payments with faster and cheaper transactions. CBDC and decentralized cryptocurrencies have fundamentally different tasks, and, accordingly, these assets have different target audiences.

How do you assess the total turnover of all cryptocurrencies in the world over the next 5 or 10 years?

 Sanjay Jain: If you look at the dynamics of the total capitalization of cryptocurrencies, then at its peak in late 2017 – early 2018, capitalization reached a record amount of $ 830 billion, after which it rapidly dropped to $ 130 billion. Compared to late 2020 – early 2021, capitalization at its peak exceeded $ 2 trillion. If we compare the indicators in percentage terms, it turns out that the growth of the total capitalization at the peak of the bitcoin price was + 240% in 3 years. Thus, we can safely assume that in 3 years the total cryptocurrency capitalization will easily exceed $ 6 trillion. And in 10 years, according to calculations, it will exceed 16 trillion.

However, I can confidently say that such mathematical calculations are extremely modest compared to the real situation in the cryptocurrency market. My prediction is that in 5 years the market capitalization of cryptocurrencies will exceed $ 100 trillion. Such optimistic statements are primarily due to the increased interest in bitcoin and other cryptocurrencies from large companies and venture capitalists. For example, in December 2020, the investment fund MassMutual acquired $ 235 million worth of bitcoins. US investment arm Morgan Stanley is exploring the possibility of buying $ 150 billion worth of bitcoins. Even such a US financial giant as JP Morgan decided to open an investment fund in cryptocurrencies for rich clients in the “private wealth” category. The largest portfolio of bitcoins at the moment is in the Grayscale company – $ 7.4 billion, and the total investment in the fund, in 2020 alone, amounted to 1.4 billion. Tesla alone invested $ 1.5 billion in bitcoin in 2021.

Such investment decisions of large companies increase people’s confidence in Bitcoin and all cryptocurrencies in general. This will unconditionally lead to the desire of people to move away from traditional ways of storing money in state banks and force them to look at cryptocurrency as the next step in the evolution of money and a way of earning.

As an example, the BXMI token was trading at $ 0.1 at the time of launch. In less than six months, BXMI showed an excess profit of + 600% of its original cost. Now the development is actively underway and based on the experience of existing platforms, a convenient and functional trading platform for the sale of NFT is being created. After that, the cost of BXMI will increase by several hundred percent. Unlike the crypto world, such capital gains are impossible in classic industries.

Read actual crypto news and crypto forecasts every day on https://news.bxmi.io/

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Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Bitxmi News won't be responsible for any loss of funds.

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