Daniel Masters, who started as an oil trader for Shell in the 1980s and later has served at JP Morgan as the leader of the global energy trading section, has given an interview to Bloomberg, where he expressed that according to his calculations cryptocurrency markets are yet to be explode and he expects them to get a lot bigger within the upcoming years.

Daniel Masters is now the chairman of a digital investment bank, called Coinshares. He is managing over $800 million in assets currently with some of these investments are cryptocurrency related. Besides leading the investment bank, he is also a chief investment officer at a company called Global Advisors, which is specialized in crypto investments.

This is not the first time that Masters made positive comments about cryptos, in an interview to BusinessInsider he called cryptocurrency a “true revolution” but he also added, that financial institutions are recognizing them as a fraud:

“The analogue financial services companies are not in this game at all. They don’t want to touch the core currency, which is Bitcoin or ethereum, they’re suspicious about the industry itself. A lot of people think it’s a criminal enterprise and a Ponzi scheme and a scam.”

He was quite right, as if we recall it correctly, Jamie Dimon called BTC indeed a fraud and threatened his employees by firing them if it turns out that they trade cryptocurrencies, nevertheless he has apologized for his cynical statements later on. Masters told Bloomberg that he is not seeing cryptocurrencies kill and take over the function of fiat currencies just yet, he believes its more likely that we will see them co-existing together. The question is, “what portion of the total financial ecosystem accrues to cryptocurrencies?” He also added: “I think even if it’s only 5% at the end of the day, that market will then still be much bigger than it is today.”

We certainly would love to see those times. Currently BTC has been trying to stabilize around the $9000 key support, and as Masters did not indicate time frames he is looking at, meanwhile you can see our current forecasts here.