Former Binance.US C.E.O Brian Brooks is confident that crypto could be a $15 trillion industry sooner than expected given recent adoption trends by key market players.
Speaking on Tuesday, save for interesting things that have to do with crypto companies, the former C.E.O noted the huge number of “suits” in the now-concluded SALT conference. He was referring to the huge turn-up by investment hedge fund managers, compliance firms, banks, and asset management firm representatives in attendance, stating “that’s the news of crypto this year- crypto is going mainstream”.
As the number of companies onboarding the crypto train with investments in infrastructure keeps rising, he stated that this trend could see the industry become a 15 trillion-dollar industry from the current 2 trillion dollar valuation. According to him Bitcoin’s price which is currently trading under $50,000 frame will be ignited to rally past that resistance by continued adoption and investments in the industry.
“You need major institutional adoption; not one or two companies, but you need all the companies on that main stage to invest and that means mainstream management, it means large scale custody, it means crypto native compliance solutions, not bank compliance native solutions.”
He further noted that there was a bunch of companies innovating and building these solutions noting that if any of them could be on top of one of the lists of those companies making the world safe for crypto, it will be resoundingly successful in the future.
“This shows businesses of the future and that’s why the banks are here at this conference.”
Brooks who recently came into the spotlight after an unceremonial exit as head of Binance.US last month, only three months after assuming the post, pointed at differences between his views of navigating U.S. waters and those of CZ.
It shall be remembered that before joining Binance, Brooks was a former Acting Comptroller of the Currency at The Office of the Comptroller of the Currency (OCC) an independent bureau of the U.S. Department of the Treasury that ensures a safe and sound national banking system for all Americans.
Although he declined to state the actual differences that led to his resignation at Binance, his long stay at OCC and CZs rather aggressive approach to regulatory issues that have constantly put the Exchange at loggerheads with regulators worldwide could have largely informed his decision from an ethical standpoint.