DeVere Group Rains on Bitcoin’s 10th Anniversary, Says BTC will Decline but Crypto Market will Grow 5,000%
The independent financial consultancy deVere Group released an article in which it explains that Bitcoin dominance will decline but the cryptocurrency market will rise 5000% in the next ten years.
This is what Nigel Green, founder and CEO of deVere Group believes. DeVere Group has entered the virtual currency market earlier this year when they launched deVere Crypto.
It is important to understand that the comments Mr Green gave are related to the 10th anniversary of the most popular virtual currency in the market. On October 31st, Satoshi Nakamoto released the Bitcoin whitepaper that later became Bitcoin and the currency that is being used by several institutions and individuals around the world.
According to Green, Bitcoin is what helped start the cryptocurrency revolution that helped the world handle money and make transactions in a new way. However, he believes that Bitcoin’s influence and dominance in the market will drastically be reduced in the next ten years.
About it, he mentioned:
“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.”
For him, this will happen because new and different virtual currency assets will be launched as adoption grows. At the same time, the public and private sector will be embracing these assets in many different ways. As competition will grow, Bitcoin’s market share will be reduced.
Although developers are working in order to improve Bitcoin’s features, Mr Green says that the market capitalization Bitcoin currently has will also be hit by new technologies, features and problem-solutions developed by other virtual currencies. Furthermore, he thinks that the market will also grow 5,000% in the next ten years.
“The pace of mass adoption will speed-up the cryptocurrency market cap can reasonably be assumed to reach at least 5000 per cent above its current valuation over the next decade,” he said.
At the moment of writing, the cryptocurrency market is worth $210 billion dollars. But deVere CEO’s prediction was made when the market was close to $400 billion dollars. That means that it could eventually reach $20 trillion dollars in ten years.
If his prediction is correct, Bitcoin could cross $100,000 during the next ten years. John McAfee, the popular cryptocurrency supporter, said that Bitcoin could reach $1 million dollars by the end of 2020.
According to some reports, Green believes that XRP would be one of the main digital assets to dent Bitcoin’s market share in the next few years. Ripple is working in order to integrate banks and other financial institutions into its RippleNet network.
At the same time, he said that Ethereum could also steal part of Bitcoin’s market capitalization since there are several platforms using it. There are some companies that are using smart contracts powered by Ethereum to run their projects.