The CEO of deVere Group has stated that the crypto market is likely to grow by 5,000% in the next 10 years; however, at the same time, Bitcoin’s influence and dominance will fall.
Increased Competition for Bitcoin
Nigel Green, founder and CEO of the international financial consultancy firm, was speaking ahead of Bitcoin’s 10th birthday on the 31st of October.
In a report from International Investment, Green said:
Bitcoin is what kick-started the crypto revolution and it has changed the way the world makes transactions, does business, and manages assets, among other things, for ever. It all began with Bitcoin.
He added, though, that while Bitcoin remains the largest by market capitalization, he thinks its influence will also drop in the next 10 years. He puts this down to the mass adoption of the crypto market and the fact that new digital assets will be launched by companies in the private and public sectors. As a result, this will increase competition for Bitcoin, he argues. Green added:
The pace of mass adoption will speed up and the cryptocurrency market cap can reasonably be assumed to reach at least 5,000% above its current valuation over the next decade.
Interestingly, it was only this month that the CEO made the argument that fear of missing out (FOMO) is what will drive the price of Bitcoin up. He said that because crypto adoption was increasing in various sectors, the crypto market, including Bitcoin, was “on the verge of a true global breakout.”
Will Bitcoin Be Replaced?
There are only a few days until Bitcoin turns 10. Ten years since Satoshi Nakamoto released his whitepaper on Bitcoin.
It has been an interesting 10 years, but one thing BTC has shown is its resilience. Since the beginning, thousands of altcoins have come into the market claiming to offer something that is bigger and better. Since the beginning, there have been numerous crypto exchange hacks that have undermined the market’s image. Since the beginning, there have been naysayers calling the industry a bubble and that Bitcoin is a fraud and a Ponzi scheme.
And yet, though it all, Bitcoin has continued, growing from strength to strength. The fact that it’s decentralized and that it doesn’t have a leader are just a few of the things that people resonate with. After all, the whole point of it is to give power back to the people.
So when Green claims that Bitcoin’s influence will be hit by yet-to-be-released cryptocurrencies that deliver better technology, features, and security solutions, it’s the same old thing we’ve been hearing for 10 years. However, Bitcoin is still king of the mountain and is likely to remain so.
Do you think Bitcoin’s dominance and influence will drop in 10 years? Let us know in the comments below.
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