In 2019, bitcoin will officially be 10 years old. As the dominant cryptocurrency, this means it may continue to enjoy its current market dominance and can indicate a brighter future for the coin.
But individuals like Nigel Green, CEO of DeVere Group doesn’t think this will be the case. While he believes that bitcoin will lose its market dominance as well as its influence, it probably won’t do so without reaching its 5000 percent growth mark first.
Although he agrees that bitcoin has transformed the current perception of currency, he believes that emerging blockchain and crypto technologies may end up taking away bitcoin’s dominance, owing to their use case.
He states this during an interview with CCN, stating that two cryptocurrencies capable of diminishing bitcoins dominance are Ripple and Ethereum. Ripple because of its current integration with traditional financial institutions and ethereum because of the mass adoption of its smart contracts platform and tech.
“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.”
He further goes on to state that
“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. This is because as mass adoption of cryptocurrency grows, more and more digital assets will be launched – by organizations in both the private and the public sectors. This will increase competition for Bitcoin and dent its market share.
He clearly believes that with bitcoin becoming more popular, traditional currencies will become less important, as with the financial institutions that rely on them. To paraphrase,
“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,”.
Interestingly, it appears he’s not alone in that thinking. There are other individuals who think that bitcoin is poised for incredible growth over the next 10 years. One of these is Crypto expert Bobby Lee who thinks the world will be exchanging 1 BTC for $1 million within the next two decades. Others like John McAfee believes we’ll see bitcoin exchanged for $20k by the year’s end.
Whatever the predictions, they all appear plausible, thanks to the current technology and mechanism powering bitcoin. In fact, McAfee’s predictions may happen in short order if the ETF is implemented. While there are doubts in the community about the ETF being approved in 2018, current events indicate that it just might be possible.
The market sentiment is that if the ETF is approved, this will increase bitcoin’s desirability, further driving its price to new highs. In the meantime, we’ll just have to adopt a wait and see attitude, while also looking out for crypto projects like Ripple and Ethereum that can easily upend bitcoin’s dominance.
What do you think? Is it possible for Ethereum and Ripple to make a significant dent on bitcoin’s market dominance? Or are we going to experience another decade of bitcoin’s runaway success? Hit us up in the comments and let’s know what you think.