Race Capital is bullish on Bitcoin and layer one cryptocurrencies like Solana
- Alfred Chuang from Race Capital has stated he is bullish on Bitcoin and Solana.
- Chuang also predicted that funding into the crypto space will soar in 2022.
- The executive further predicted Bitcoin’s price will reach $100K by the end of 2022.
The crypto market grew significantly in 2021, and some of the coins that recorded growth in adoption were Bitcoin (BTC/USD) and Solana (SOL/USD). The two saw increased institutional adoption, and Alfred Chuang of race Capital notes that he is still bullish on the two coins.
In an interview with CNBC, Chuang further said that the average daily trading volumes for the crypto market in 2021 increased tremendously to reach $100 billion by year-end.
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Crypto grew in 2021
Chuang further compared the growth in the crypto market to the growth at NASDAQ. He noted that while the crypto market reached high numbers between 2020 and 2021, trading volumes at NASDAQ stagnated, showing that crypto-assets continued to attract interest.
He also talked of the growth rate in decentralized finance (DeFi), where the total value locked (TVL) had increased by almost ten times within the past year. According to Chuang, the growth of the DeFi sector was the highest recorded growth in any type of technological product.
According to DeFi Llama, the TVL for the crypto market stands at around $257 billion. Ethereum (ETH/USD) takes the giant share of this, with its TVL standing at around $158 billion. In January 2021, the TVL for the entire DeFi sector stood at around $19 billion.
Investment is pouring into crypto
Chuang further noted that investments were pouring into the crypto market because of technology. He opined that in 2022, the amount of funding flowing into the crypto sector will range between $20 billion and $30 billion.
Chuang also noted that he was bullish on Bitcoin and layer one projects such as Solana. He noted that Race Capital had invested in several Solana-related projects and the FTX exchange, whose valuation had grown significantly over the past year.
Chuang also stated that Bitcoin could reach $100,000 by the end of 2022. This is a prediction that has been shared by other Bitcoin supporters, such as the president of El Salvador, who noted Bitcoin would reach a six-digit valuation by the end of the year.
“This is an exciting time. It’s the most exciting time I have ever seen in technology,” Chuang noted.