Unstoppable Domains CEO Matthew Gould, an early crypto bull, predicts Bitcoin will not repeat its all-time high of $64,000 for at least a year.
Despite the current regulatory uncertainties, Unstoppable Domains CEO Matthew Gould believes the private stablecoin business will explode in the next four years.
Gould anticipated that the stablecoin market would surpass $1 trillion by 2025, up from around $115 billion at the time of writing, in a Thursday interview with Business Insider.
“We may even do it quicker than that,” the CEO noted, adding that the global stablecoin adoption will be partly driven by the growing acceptance of decentralized finance applications. “The more people with stablecoins in the pocket, the more people who can participate in decentralized finance,” Gould added.
Despite his optimism for the future of stablecoins, Gould cautioned that a quick rise in this digital asset type is connected with a number of financial dangers, including concerns about stablecoin volatility and their 1:1 backing with fixed assets such as the US dollar.
“Whenever you have that kind of growth, you’re gonna have risk. You shouldn’t be able to call yourself a $1 coin if you don’t actually have $1 in the bank,”
Gould, on the other hand, remains optimistic that increased regulatory clarity and increased competition in the stablecoin market will eventually eliminate these dangers.
Groups like Circle with their USDC have taken the most conservative and safest approach in building out their stable coins. And they’ve been really actively engaged in the US to ensure that they’re compliant,” the CEO added.
Aside from predicting a significant stablecoin market increase, Gould is bullish on the crypto market in general, predicting that the industry will continue to consolidate in the long run. However, after reaching $64,000 in April, the CEO believes Bitcoin (BTC) will not return to its all-time highs for at least a year, stating:
“I think we’re going to continue to be range-bound for the rest of this year. This is based on past experience, typically when the market crashes 50% or more, it takes a year or two of consolidation.”
Gould’s comments come as global financial regulators pay more attention to stablecoins like Tether (USDT) and USD Coin (USDC), citing growing concerns about the market’s rapid expansion, which has risen from less than $1 billion in 2019 to more than $100 billion in 2019.
Janet Yellen, the US Treasury Secretary, urged on financial regulators to immediately build a robust regulatory framework for stablecoins in mid-July. The Japanese Ministry of Finance previously stated that it intends to develop stronger global laws for digital currencies, especially fiat-pegged stablecoins.