It’s been 10 years since bitcoin creator Satoshi Nakamoto published his white paper on bitcoin, and the global economy hasn’t been the same since. The original cryptocurrency now boasts a market cap of more than $112 billion, while bitcoin’s dominance hovers at more than 53%.
But if you ask Nigel Green, founder and CEO of financial advisory firm deVere Group, which boasts $10 billion in AUM, the next 10 years will look a lot different than bitcoin’s first decade. He’s quick to attribute the “crypto revolution” to bitcoin, saying that it has changed the way money is transacted forever. Green’s outlook, however, is a mixed bag, with bitcoin’s “influence and dominance of the cryptocurrency sector” expected to “drastically reduce” while the value of the broader crypto market is poised to expand by 5,000%, which would attach a combined market cap of $19 trillion in the coming decade. Green stated in a press release:
“[While] 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.”
Ripple (XRP) and ETH to Steal Bitcoin’s Shine
Green, whose firm is based in Dubai but has offices around the world, pointed to other reasons for the forecast, such as better technology, features, and solutions to problems that competing cryptocurrencies will provide, coins like ripple (XRP) and ethereum. He told CCN:
“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.”
XRP already muscled ETH out of the No. 2 spot for cryptocurrencies on CoinMarketCap greater than as soon as this yr, though it has due to the fact that fallen back to the No. three spot. meanwhile, no matter the truth that ETH has fallen out of style with the crypto network of late, inexperienced remains bullish on the destiny even though he falls short of calling for a “flippening” event.
“another one could be its modern main challenger Ethereum. that is because a developing quantity of structures are adopting Ethereum as a way of buying and selling; there’s an increasing use of clever contracts by using Ethereum; and because of the decentralization of cloud computing.”
even if bitcoin’s dominance fades, green says there is a clean shift amongst retail and institutional buyers away from fiat cash and into crypto, one whose momentum will simplest intensify within the coming decade. As a end result, he expects “the market could have grown beyond recognition when Bitcoin celebrates its 20th anniversary.”
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