News
“Hundreds of trillions” – Sergey Nazarov says 2024 will be the year of the merger of cryptocurrencies and the global financial system
Sweater (CONNECTION) Co-creator Sergey Nazarov says this could be the year that sees a major merger between blockchain and the traditional global financial system.
In a speech at the Consensus 2024 conference, Nazarov says the on-chain asset market exceeds $100 trillion.
Chainlink co-creator shares chart showing $2.7 trillion debt market and $106 trillion stock market can move to blockchain. The chart also shows that other assets such as global real estate and derivatives can be tokenized.
Source: Chainlink/YouTube
Nazarov says that, sooner or later, all financial transactions will take place on-chain and that 2024 will be the year the global financial system begins to move its settlement systems to public blockchains.
“So we’re at another tipping point where the amount of value that you’re seeing in this trend of tokenizing digital assets in the real world, even in public chains, has now surpassed DeFi (decentralized finance). And that’s not even counting all the value of the private chains, the banking chains and all those private systems, so the value is even greater.
The world we’re going to is still the world where all the world’s value, all the credits, all the derivatives, all the commodities, everything is fundamentally on-chain, and represented on-chain and composable on-chain into financial instruments always more advanced. products, efficiently and quickly, so we don’t take months, we’re talking minutes in seconds.
Right now, what takes months, will take minutes or seconds, and as more and more resources come on-chain, they will become composable and begin to create their own benefits from being composed into ever more advanced baskets of things.
So, right now, we’re basically in the position where we’re at a tipping point, where the numbers have surpassed those of the past, and we’re on a trajectory where all the largest institutions in the world are starting to look at how to put their value in the chain.
So I would say, basically, this year our industry will move in this new direction where public chains and the global financial system will merge into one industry, one internet of contracts.”
Don’t miss a beat – subscribe to receive email alerts directly to your inbox
Check Price action
Follow us on X, Facebook AND Telegram
surf Hodl’s daily mix
 
Disclaimer: The opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that transfers and transactions are at your own risk and that any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Image generated: mid-trip