It has been 10 years since bitcoin founder Satoshi Nakamoto released his white paper on bitcoin, and the global economy has changed since then. The primary cryptocurrency now holds a market cap of over $112 billion, while bitcoin’s dominance soars at over 53%.
However, if you ask Nigel Green, founder, and CEO of financial advisory firm deVere Group, which boasts $10 billion in AUM, the coming ten years seem a lot different than the currency’s first decade. He quickly added the “crypto revolution” to bitcoin, noting it has transformed the way money is transacted forever. Green’s view, however, is a mixed bag, with bitcoin’s “influence and dominance of the cryptocurrency sector” expected to “drastically reduce” while the value of the wider crypto market is ready to increase by 5,000% which would attach a joint market cap of $20 trillion in the next ten years. Green noted 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.”
Green, whose firm is based in Dubai but has branches across the world, pointed to other factors for the prediction, including improved technology, features, and solutions to issues that rival cryptocurrencies will offer, coins such as ripple and ethereum. He added:
“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.”
“Another one would be its current main challenger Ethereum. This is because a growing number of platforms are adopting Ethereum as a means of trading; there’s an increasing use of smart contracts by Ethereum; and due to the decentralization of cloud computing.”