Bitcoin’s influence and dominance of the cryptocurrency sector will “drastically reduce” in its second decade, with the crypto market likely to expand by “at least” 5000% over the same period, according to Nigel Green, founder and CEO of deVere Group.
The bold forecasts come a week before celebrations to mark the 10th anniversary of Satoshi Nakamoto’s release of his Bitcoin whitepaper on 31 October.
Green said: “Next week Bitcoin, the original and still largest cryptocurrency by market capitalisation, celebrates its 10th anniversary.
“Bitcoin is what kick-started the crypto revolution and it has changed the way the world makes transactions, does business, and manages assets, among other things, for ever. It all began with Bitcoin.”
He continued: “However, 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 organisations in both the private and the public sectors. This will increase competition for Bitcoin and dent its market share.
“In addition, it is likely that Bitcoin will be hit by the superior technology, features, and problem-solutions, offered by existing and yet-to-be-released cryptocurrencies.”
Green went on to say: “There’s an ongoing shift away from fiat money, and the momentum of this is only set to increase over the next 10 years.
“The pace of mass adoption will speed up and the cryptocurrency market cap can reasonably be assumed to reach at least 5000% above its current valuation over the next decade.”
Today the cryptocurrency market is worth more than $400bn, meaning it could reach the $20trn mark by the deVere CEO’s prediction.