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Posted on October 24, 2018 by staff

Bitcoin’s dominance will ‘drastically’ decline, says CEO

The cryptocurrency market is likely to expand by “at least” 5,000 per cent in the next 10 years but Bitcoin’s influence and dominance will “drastically reduce”.

That is the bold view of Nigel Green, founder and CEO of independent financial advisory organisation deVere Group, which launched cryptocurrency app deVere Crypto earlier this year.

His comments come a week ahead of 31st October celebrations to mark the 10th anniversary of Satoshi Nakamoto’s release of the Bitcoin whitepaper.

“Bitcoin is what kickstarted the crypto revolution and it has changed the way the world handles money, makes transactions, does business, and manages assets, amongst other things, forever,” he said. “It all began with Bitcoin.”

He added: “However, 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.”

Green explains that as mass adoption of cryptocurrency grows, more and more digital assets will be launched, increasing competition for Bitcoin and impacting its market share.

“In addition, it is likely that Bitcoin will be hit by the superior technology, features, and problem-solutions, offered by existing and yet-to-be-released cryptocurrencies,” he added.

Green believes there’s an ongoing shift away from fiat money and the pace of mass adoption of cryptocurrencies will increase in the next decade.

“The pace of mass adoption will speed-up and 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.

The crypto market is currently worth more than $400 billion and the CEO predicts it could reach $20 trillion in 10 years.

He concluded: “A growing number of major institutional and retail investors, as well as financial institutions and regulators, amongst others, understand that cryptocurrencies are the future of money.

“As such, the market will have grown beyond recognition when Bitcoin celebrates its 20th anniversary.”