PANews reported on October 1 that according to CoinDesk, asset management company Bitwise pointed out in its latest report that the real value of cryptocurrency comes from the huge traditional market it aims to subvert, rather than niche applications.

The report uses Bitcoin as an example, arguing that its $2.3 trillion market capitalization stems from its competition with the $25 trillion gold market. Bitwise believes that Bitcoin only needs to capture less than 10% of the gold market to support its current valuation.

The same logic applies to smart contract platforms like Ethereum and Solana, which are working to process payments, settlements, and tokenized assets, targeting the $1.8 quadrillion global payments industry and the $665 trillion global stock, bond, and real estate markets.