As Bitcoin’s tenth Anniversary approaches, The CEO of deVere Group, Nigel Green has said that the leading cryptocurrency will lose its influence on the market drastically but not before its hits 5000% growth.
While acknowledging that Bitcoin revolutionized the world of money, Green whose company recently launched its own crypto app known as deVere Crypto App said newer technology and cryptocurrencies keep emerging and may eventually outcompete Bitcoin.
In An Interview with CCN Green pointed out that XRP because of its involvements with financial institutions and Ethereum because of major platforms that are adopting the ethereum blockchain for trading which has led to increase in the use of its smart contracts will surpass Bitcoin’s dominance in coming years.
“I believe that…XRP will be one of the main digital assets to dent Bitcoin’s market share over the next few years due to its apparent focus on integrating with banks and other financial institutions.”
“Another one would be its current main challenger Ethereum. This is because a growing number of platforms are adopting Ethereum as a means of trading; there’s an increasing use of smart contracts by Ethereum; and due to the decentralization of cloud computing.”
“Whilst I don’t wish to rain on anyone’s parade, I believe that Bitcoin’s influence and dominance of the cryptocurrency sector will drastically reduce in its second decade,” he continued. “This is because as mass adoption of cryptocurrency grows, more and more digital assets will be launched – by organisations in both the private and the public sectors. This will increase competition for Bitcoin and dent its market share.
He further said that there is an increasing awareness among institutions, individuals and even regulators concerning the future dominance of cryptocurrency as means of payment and investment which will definitely lead to phenomenal growth for Bitcoin starting from next year.
“There’s an ongoing shift away from fiat money, and the momentum of this is only set to increase over the next 10 years. The pace of mass adoption will speed-up and the cryptocurrency market cap can reasonably be assumed to reach at least 5,000 per cent above its current valuation over the next decade,” he said.
Green is not the only one seeing a future growth for Bitcoin. According to Cryptocurrency expert Bobby Lee, Bitcoin could get to a million Dollars in the next 20 years. Many other predictions have been made such as those of John McAfee and other key players in the industry who believe Bitcoin can reach above $20,000 before the end of 2018.
The short and long term predictions of Bitcoin’s price surge may not be impossible with the right mechanism in place. The crypto community strongly believes an ETF will strengthen the Bitcoin market and make it to appreciate substantially.
Although some experts believe the approval may not happen this year, recent events suggest that an ETF is likely to be approved. This, many believe will increase the tendency of investors rushing into the market to give Bitcoin a big boost in line with the predictions.
The year has almost ended and Bitcoin’s 10th Anniversary is next year. It will be interesting to see where the market goes from there and what happens in the next ten years as well.