The CIO of Pantera Capital, Joey Krug recently discussed the future of the crypto market where he revealed that the next bull run could likely lead to a 10x increase in crypto prices.
On October 16, Pantera Capital’s Co-Chief Investment Officer told Bloomberg that he believes that the next bull run will bring 1000 percent of current crypto prices. Krug stated:
“If you look at that next bull run, I think the crypto space overall could hit 10x from here.”
Krug added that recent developments in the crypto space could fuel the next bull run. Such developments include the news that major institutional investors like Fidelity Investments and Intercontinental Exchange (ICE) are planning to adopt cryptocurrencies.
However, he is certain that the actualization of the mass adoption of cryptocurrency hinges on the ability of cryptocurrencies to resolve the scalability issues plaguing their systems.
“If you look at the internet, it’s easy to say, ‘Well, you just create an app, get some users, and then you solve the scalability problems.’ But these are all markets, and so if you don’t have scalability, you don’t have market makers, and so you don’t have liquidity.”
Resolving The Blockchain Scalability Issue
At the moment, a number of cryptocurrencies are working on scaling their blockchain and optimizing its transaction processing time. Bitcoin is working on introducing Lightning Network and Liquid Network to its ecosystem while ethereum is on the verge of upgrading its blockchain with sharding.
In addition, the Ethereum Foundation introduced a grant program that will fund various projects that will improve its ecosystem. On Monday, the grant team announced that the foundation had awarded about $3 million to 20 startups and individual developers.
However, ethereum’s progress hit a roadblock on Saturday when its upgrade “Constantinople” failed on the testnet. Yet, investors and developers believe that the recovery of the crypto market in the nearest future is inevitable.
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