The price of Bitcoin has increased twofold this year (see stats below), providing a much-needed boost to the Ethereum, XRP, and the broader crypto market that experienced a significant crash in 2022. But some experts believe a major event involving trillions of dollars in China could be imminent, and that’s not all.
Sergey Nazarov, cofounder of the Chainlink blockchain network and a well-known crypto developer, shared his vision of the blockchain industry’s rapid expansion. He predicted an influx of trillions of dollars as major Wall Street firms start adopting blockchain technology.
Nazarov believes that Wall Street banks will develop their own blockchains and create cross-chain stablecoins. These will use Chainlink’s Cross-Chain Interoperability Protocol (CCIP), currently in early access, for connections. The CCIP has undergone tests with Swift, a global inter-bank communication network, opening up the possibility of crypto transfers across both public and private chains through Swift’s communication system.
The 2008 financial crisis led to the creation of Bitcoin because toxic assets were created by a poorly managed financial system that left society with the costs. We have an opportunity to build a better financial system that is cryptographically guaranteed, transparent, and gives… pic.twitter.com/c0YB8Ko2N0— Sergey Nazarov (@SergeyNazarov) July 20, 2023
Chainlink, a network of nodes that provide data from outside blockchain sources to smart contracts on the blockchain, is preparing to launch a pilot, said Nazarov. He added that once they begin testing with real value transfers between different bank chains, the potential for growth is limitless.