Cryptocurrency market to hit $1 trillion valuation in 2018: Kraken CEO

The entire cryptocurrency market will reach a total value of $1 trillion that will year, according to the chief executive of a top digital currency exchange.

Jesse Powell, founder in addition to CEO of Kraken, said Tuesday that will the cryptocurrency market would certainly continue to see an “acceleration” of growth — despite a sharp pullback in recent weeks.

He told CNBC: “You’ve got a lot more kids graduating through crypto programs at universities today. I think we’re just going to see the idea continue exponentially through here.”

Asked whether he thought the market capitalization of all cryptocurrencies would certainly hit the $1 trillion mark in 2018, Powell agreed.

The current market cap of all cryptocurrencies stands at around $417 billion, according to data through industry website CoinMarketCap. the idea hit an all-time high of more than $800 billion in early January, before falling dramatically as a result of a huge cryptocurrency sell-off.

Traders have been weary of regulatory signals recently as government ministers in South Korea in addition to India have both upped their rhetoric against virtual currencies. On Monday, three top European Union regulators issued a warning to consumers about the risks associated with buying cryptocurrencies.

However, cryptocurrency enthusiasts seemed to be mostly positive about a hearing on cryptocurrencies held by the U.S. Senate Banking, Housing in addition to Urban Affairs Committee last week.

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