deVere Group: Bitcoin To Lose Leadership Due To Crypto Market Growth
The crypto market capitalization will grow by at least 5000% in the next decade. Against this background, bitcoin will lose its actual influence and give up the leading positions to other tokens, according to Nigel Green, the head of the consulting firm deVere Group.
Bitcoin is not likely to be the dominant cryptocurrency anymore, and its impact on the market will decline sharply. The reason for this will be the increasing number of new tokens that private and public organizations will launch. Due to the high competition, the bitcoin market share will decrease significantly, Green claims.
He added that the existing and new cryptocurrencies will be able to surpass bitcoin in technology and problem-solving. One of its most critical problems is the network scalability. Recently, the co-founder of the Blockstream startup has suggested that the scalability problem can be resolved by using “soft” forks of the first cryptocurrency.
According to the deVere Group's forecast, given the speed of digital currencies global adoption, the crypto market capitalization will grow several dozen times and reach the mark of $20 trillion in the next decade. Nigel Green stated that more and more investors, financial institutions, and regulators are beginning to understand that cryptocurrency is the future of the economy. He said that people are already abandoning fiat money in favor of digital ones, and this trend will only increase in the upcoming years.
Green devoted his forecast to the future anniversary of the first cryptocurrency — on October 31, 2018, bitcoin will celebrate its 10 years. He noted that bitcoin managed to make a crypto revolution and permanently change the structure of transactions, business, and assets management.
Previously, an analyst from Wall Street predicted the first cryptocurrency breakthrough in the crypto market.