Ndreds of trillions" - Sergey Nazarov says 2024 is the year cryptocurrencies and the global financial system merge
ndreds of trillions" - Sergey Nazarov says 2024 is the year cryptocurrencies and the global financial system merge
Sergey Nazarov, one of the co-founders of #Chainlink (link), says this year could be the year of a major merger between #blockchain and the traditional global financial system.
Speaking at the Consensus 2024 conference, Nazarov said the market for blockchain assets exceeds $100 trillion.
Chainlink's co-authors shared a graph showing that 2.7 trillion in debt markets and 106 trillion in equity markets could move to blockchain. The graph also shows that other assets such as global real estate and derivatives could be tokenized.
Nazarov says that eventually all financial transactions will be on the blockchain, and 2024 is the year when the global financial system will start moving payment systems to the public blockchain.
So the amount of value seen in the trend of tokenization of digital assets in the real world, even on a public network, already exceeds #StartInvestingInCrypto (decentralized finance). And because it doesn't account for all the value of the private #chain , the banking chain, and all these more private systems, it's no longer accounted for ".
The world we are moving towards is a world where all the world's values, all the loans, all the derivatives, all the commodities, are essentially linked together, represented in a chain, and can be converted into ever more sophisticated financial instruments. In an efficient and fast way, we are talking about months, not minutes and seconds.
Now what may take months can take minutes and seconds, and as more assets are connected to the chain, they become compounded and the balance sheet becomes more perfect.
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