In a recent revelation from Dan Ives of Wedbush Securities, it has been suggested that the price of Filecoin cryptocurrency could double in the next 12-18 months. Dan mentioned that the storage network of Filecoin is the most promising upheaval coming out of the crypto industry.
Dan Ives of Wedbush Says Filecoin Price Could Surge More
The Managing Director at Wedbush Securities, an equity research firm is well known for covering big tech stocks like Microsoft, Tesla, and Apple.
In a note last week, Ives released a comment on the day before the listing of Coinbase, that read:
“We believe there are a number of business models attacking this new market opportunity, with privately held Filecoin one of the more impressive strategies we have seen in the market.”
Filecoin is a decentralized data storage protocol and dissimilar to other blockchains the coin allows its users to rent out spare storage on their computer, and anyone can purchase storage on the network.
This ultimately makes the network of Filecoin a huge data vault and this is why Ives sees it as the most significant innovation of crypto to date.
Elaborating further on his take in a telephonic interview, Ives said:
“Today, the markets are dominated by large software companies. Filecoin offers developer application builders significantly cheaper storage options in a very secure, unique format.”
Considering the amount of data, Ives added to his statement:
“That’s very applicable, especially just given the amount of data that needs to be stored.”
In other words, it can be said that he believes that the Filecoin network will be able to prove its applicability fully outside the world of crypto as some of the leading firms such as Google, Amazon, and Microsoft depend on centralized cloud storage.
Filecoin Network Will be Assisting in Storing The Data of Companies
Ives addressed the need of the companies to continue to store their data and added that it is where Filecoin will come into place as it is not feasible for the company.
Filecoin network is an innovation that is already ahead of other companies that are already well-established in blockchain technology, like IBM.
“There is a clear supply-demand in terms of what they’re going after as a business model.”
As described in a Wedbush newsletter, Filecoin was addressed as the Airbnb of storage and the newsletter read:
“In our opinion, we will start to see the beginnings of a hybrid environment between traditional cloud and blockchain as early as 2022”