"Market still in early stages… must focus on creating practical value rather than competition"
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CEO Horsley stated on Channel X today, "If SpaceX goes public in the future, its market capitalization could be equivalent to the total market capitalization of the entire virtual asset market, excluding stablecoins."
He went on to emphasize, "This means that the virtual asset market is currently still in a relatively early stage and its overall size is not large."
Single Company vs. Entire Market… Re-examining the Size of the Virtual Asset Market
CEO Horsley's remarks emphasized the growth potential of the virtual asset market while pointing out that the current market size remains limited. Although SpaceX is currently a private company, the industry expects its market capitalization to reach $200 billion to $300 billion (approximately 306.9 trillion to 460.35 trillion KRW) upon listing.
On the other hand, the total market capitalization of the virtual asset market, excluding stablecoins, is at a similar level even when major assets such as Bitcoin and Ethereum are included. The fact that the value of a single company can rival the entire virtual asset market demonstrates that the market has not yet fully matured.
Through this, CEO Horsley conveyed the message that the virtual asset market has greater potential for future growth.
Creating practical value is key, not competition between assets.
CEO Horsley also presented the direction the market should take. He stated, "From a broader perspective, the key focus of the market is not competition between specific assets or projects," adding, "What matters is creating truly valuable products and services and whether blockchain technology can be widely utilized in the real world."
This argues that the virtual asset industry should move beyond mere speculation or price competition and focus on developing services with actual use cases and practicality. Recently, the virtual asset market has been criticized for prioritizing short-term profits over the creation of intrinsic value due to factors such as the meme coin craze and overheated competition among projects.
CEO Horsley added, "Bitwise supports and cheers on every individual and team working toward these goals."
Bitwise Leads Market Expansion as a Frontrunner in Virtual Asset ETFs
Bitwise is one of the leading virtual asset exchange-traded fund (ETF) managers in the United States, operating Bitcoin spot ETFs and Ethereum ETFs. CEO Horsley's recent remarks demonstrate that Bitwise is presenting a vision for the healthy growth and popularization of the virtual asset market, going beyond the mere provision of investment products.
In the virtual asset industry, CEO Horsley's remarks are being interpreted as a message urging investors to view the market from a long-term perspective. Given that the virtual asset market is still in its early stages, the outlook is that projects creating practical value will lead the market in the future.
Choi Joo-hoon joohoon@blockstreet.co.kr
