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Ten years ago, Bitcoin founder Satoshi Nakamoto released the Bitcoin white paper, and since then, the global economy has embarked on a different path. This earliest cryptocurrency now has a market value of $112 billion, accounting for 53% of the total market value of cryptocurrency.
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However, in the eyes of Nigel Green, founder and CEO of financial consultancy deVere Group , the face of Bitcoin will be very different from the first 10 years in the next 10 years . He also attributed the "encryption revolution" to bitcoin, arguing that bitcoin has permanently changed the way money is transferred. However, the prospects in Green's eyes are mixed. He believes that Bitcoin's "influence and dominance in the field of cryptocurrency" is expected to "substantially decline", while the value of the broader cryptocurrency market is expected to grow by 5,000%, that is, in the future. In 10 years, it will reach 20 trillion US dollars. Green said:
"(Although) I don't want to pour cold water on anyone, but I believe that the influence and dominance of Bitcoin in the field of cryptocurrency will fall sharply in the second decade. This is because with the large adoption of cryptocurrencies, the more More and more digital assets will be launched by private and public industry organizations. This will increase competition for Bitcoin and weaken its market share."
Ripple and ETH will "steal" the light of Bitcoin
Green also pointed out other reasons for this prediction, such as other cryptocurrencies will provide better technology, features and solutions, such as Ripple (XRP) and Ethereum. He told CCN:
“I believe... XRP will be one of the major digital assets that will weaken the bitcoin market share in the next few years as it clearly focuses on integration with banks and other financial institutions.”
Since CoinMarketCap, this year, XRP has more than once exceeded the market value of ETH to capture the position of the second largest cryptocurrency. At the same time, although ETH's recent popularity in the encryption community has declined, Green is still optimistic about the future.
“Another major challenger for Bitcoin is Ethereum. This is because more and more platforms are using Ethereum as a trading method; the use of Ethereum smart contracts is increasing; and Ethereum is still being used Decentralization of cloud computing."
Green said that even if bitcoin's dominant position disappears, retail investors and institutional investors will obviously start to move from legal tender to cryptocurrency, and the momentum of cryptocurrency will only increase further in the next 10 years. Therefore, he predicted, “When Bitcoin celebrates its 20th anniversary, the market will become vast and different.”