Justin Sun, founder and CEO of blockchain project TRON (TRX), believes that the cryptocurrency market is about to see a rapid uptick in adoption.
Sun made these statements during an interview with CNBC, which was published in full on March 13, 2019.
During the interview, Sun went on to claim that the future of the cryptocurrency industry looks to be extremely promising, especially given that major players such as JP Morgan have announced their own digital currencies and rumors indicate that Facebook is currently developing its own digital currency offering.
While JP Morgan CEO Jamie Dimon was formerly known for having a hard-line stance against digital currencies, his opinion has shifted gradually over the past year. Facebook, meanwhile, caters to billions of active users across its plethora of offerings — including Messenger, WhatsApp, Instagram. A cryptocurrency-based payment system would significantly boost the adoption of the nascent technology.
Bitcoin is a Technological Advancement
However, not all financial experts are sold on the idea of a crypto-driven future. Investors Warren Buffett and Howard Marks have both famously dismissed the notion of digital currencies playing an important role in the future, labelling them as either a speculative investment or a giant bubble preying on unaware investors.
Justin Sun responded to these criticisms by saying that Bitcoin (BTC) should be viewed as a technological advancement instead of a business opportunity. He went on to reference some of the most important developments in the blockchain industry, including the Lightning Network and other second-layer scaling solutions. According to him, innovations like these represent the next wave of the internet.
Blockchain: The Next Frontier
Notably, this is not the first time that blockchain technology and cryptocurrencies have been described as the natural evolution of the internet.
While the internet is already rather open, the use of a blockchain allows users to maintain decentralization and distribution of power. This means that the censorship-resistance characteristic of digital currencies such as Bitcoin can be equally as valuable as their payments-related use cases. On the other hand, certain blockchain-related use cases, such as decentralized applications, have been heralded as Web 3.0 — or the third iteration of the internet.
Justin Sun recently took over BitTorrent, one of the most popular file sharing applications in use today. With the addition of a native BTT token, Sun said that he hopes for the masses to realize the sheer potential of the technology. The platform boasts an impressive 100 million monthly active users.
CNBC asked the founder about TRON’s market capitalization — which, at the time of writing this report, stands at approximately $1.5 billion. It is also the tenth most valuable cryptocurrency by that metric. Sun, however, said that valuation and the market cap of digital currencies only represent the surface of the business. He said that he prefers to put more stock in the project’s development and the team working on it.
Where do you see the cryptocurrency market and TRON by the end of this year? Let us know your thoughts in the comments below!
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