Blockchain technology has gained adoption in various sectors of the global economy, including finance, supply chain, healthcare and more.
Venture capitalist Adam Dell, the founder and CEO of a new investing platform called Domain Money, believes that blockchain technology has become very popular in the financial world.
Dell mentioned this during a recent interview, stating that the financial function of blockchain has grown significantly. He added that this growth could lead to a surge in income for firms that use the technology. Dell said;
“The growth of the financial utility of these underlying technologies is undeniable. As they become more widely adopted in commercial use cases — again, unrelated to speculation — I think you're going to see significant growth in real revenue and real cash flow coming out of these technologies.”
Dell left his position in Goldman Sachs last year after spearheading the bank’s online-only bank, Marcus. He pointed out that cryptocurrency transactions are starting to catch up to fiat currency transactions.
He noted that in 2021, Visa processed roughly $10 trillion in transactions, which is below the $11.6 trillion moved on the Ethereum blockchain.
Bitcoin and the broader cryptocurrency market have been criticised numerous times over the past few years. However, Dell said Bitcoin is becoming more mainstream as the adoption rate increases. He said;
"It is a reflection of the maturity that the crypto markets are going through. These assets are now more broadly held across a larger institutional base. So, downward pressure in the macro market invariably will impact crypto as well."
The cryptocurrency market has performed well over the past 24 hours, adding nearly 4% to the total market cap. The total cryptocurrency market cap now stands above $1.8 trillion.
Bitcoin, the world’s leading cryptocurrency by market cap, surpassed the $40k psychological level after adding more tha 4% to its value in the last few hours.