The former Gartner board member sees the crypto market splintering along pragmatic lines.
Bitcoin could go the way of Sony’s Betamax videotape and flop compared to its competitors. Glenn Hutchins, a tech investor who sits on boards of the Federal Reserve Bank of New York and the NASDAQ OMX Group as well as being a major tech investor, made the claim in an interview on CNBC on May 9.
Hutchins sees one of Bitcoin’s competitors coming out on top, much as the JVC-led VHS format eventually beat out Betamax in the 1980s. In drawing out the parallel to the videotape format wars, the former Seagate Technology and Gartner board member sees different coins filling specific functions and carving out their niches in that manner.
The reference fits as Betamax had slight technological edges in playback and audio specifications and VHS was both cheaper and had longer recording times. Consumers generally voted with their pockets and Betamax eventually became a niche product for videophiles.
Currently, bitcoin still accounts for over 36% of the world’s cryptocurrency market, as per CMC. Ethereum is placed second at 17% of the market and XRP had a 7% market share. New coins continue to appear on the market and are designed to remedy shortcomings seen in Bitcoin. So far, however, they have not succeeded in replacing it.
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