Bitcoin is being usurped in the cryptocurrency craze by more advanced digital tokens, Gerry Fowler a multi-asset strategist at Aberdeen Standard Investments said.
Speaking to Bloomberg, he said: “I think it’s often referred to as the wild west in bitcoin land and cryptocurrencies and I think that’s probably still true.
“The regulation coming in is going to advance the technology.
“I think ultimately a lot of these cryptocurrencies will become irrelevant and it’s really the blockchain and the distributed ledger that’s more important.
“Once you get away from bitcoin and into other cryptocurrencies that are essentially more advanced because they are the sequel to bitcoin I guess.
“They have different uses, some for security, others for purchases and there are really interesting thing’s happening in that space like what Kodak was doing recently.
“You see the share price pop and Kodak say they’re doing something in blockchain and you go ahh it’s nuts.”
Fowler added that there is still too much focus on the original cryptocurrency.
He said: “Blockchain and distributed ledger could be useful for authentication so there are definitely uses.
“But the focus is still very much on the original introductory technology, bitcoin which will disappear.
The strategist also said cryptocurrencies are the “enablers” for something far bigger.
He said: “The currencies themselves are being created but in reality, they will become the enablers.
“A lot of them will disappear and you’ll get into more of what the technology is actually doing, a lot of money is actually going into developing these technologies.
“It will be transformational in many ways I think it’s happening a lot faster than we think.
“A lot of the bottlenecks of bitcoin in terms of being able to authenticate across the entire network are being usurped by being able to authenticate in smaller groups.
“There are some really fascinating things happening that I think will change things a lot.
“I moved fairly quickly past bitcoin unthought that will become an irrelevance at some point maybe that’s underway at the moment.”
According to CoinDesk.com,Bitcoin climbed 1.27 percent to $10,162.68 at 8:19 am in London.
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