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.
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:
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:
Considering the amount of data, Ives added to his statement:
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.
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.
As described in a Wedbush newsletter, Filecoin was addressed as the Airbnb of storage and the newsletter read: