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% in the next 10 years.
These are the bold forecasts from Nigel Green, founder and CEO of deVere Group, an independent financial advisory organisations, which launched deVere Crypto, the pioneering cryptocurrency app earlier this year.
His comments come a week ahead of the celebrations to mark the 10th anniversary of Satoshi Nakamoto’s release of the Bitcoin whitepaper.
Mr Green states: “On November 1st, the original and still largest cryptocurrency by market capitalisation, celebrates its 10th anniversary.
“Bitcoin is what kickstarted the crypto revolution and it has changed the way the world handles money, makes transactions, does business, and manages assets, amongst other things, forever. It all began with Bitcoin.”
He continues: “However, whilst 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.”
Mr Green goes 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 per cent above its current valuation over the next decade.”
Today the cryptocurrency market is worth more than $400 billion in one of the most rapid growing investment products so far, meaning it could reach the $20 trillion mark by the deVere CEO’s prediction, while other coins are starting to take a more relevant role within the market.
He concludes: “A growing number of major institutional and retail investors, as well as financial institutions and regulators, amongst others, understand that cryptocurrencies are the future of money.
“As such, the market will have grown beyond recognition when Bitcoin celebrates its 20th anniversary.”