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Charles Hoskinson, co-founder of altcoin Cardano (ADA), tweeted on June 20th that the entry of Wall Street into the crypto space could potentially bring in tens of trillions of dollars, at least eventually.
"What's often missed by the cryptocurrency is going to die broken record media is that after the next wave of regulation, wall street is showing up to the party with all their locked up capital. That's tens of trillions of dollars entering the space eventually. Future is bright."
Granted, Charles did make a quite ambitious statement, but the idea isn't as far-fetched as you may think. Once regulations are set in place and Wall Street starts putting trust into the space, it's only a matter of time until the big boys come out to play. 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.
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.
It's important to note that you should take pretty much every tweet with a grain of salt and not take everything you read for fact, not just from Charles, but the entire Twitter space. That being said, Charles is an accomplished and bright individual and he's showing resilience during the bear market. In the thread he did make a couple of other statements that stood out to me when commentators replied to the post, "I'm just the guy in the back. Takes an army to win a war. Everyone has to do their part.", replied Charles. Another commentator asks, "But what are we building that is really useful beyond bitcoin???". Charles replied with, "An entirely new world."
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