Expert Claim: Bitcoin Dominance to Lessen in Ten Years but Crypto Market will Grow by 5,000 Percent

Oct 26, 2018 at 1:49

Financial advisory firm, deVere Group, said that Bitcoin’s dominance in the cryptoverse will wane in the next ten years but noted that the market could easily expand by as much as 5,000 percent.

“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,” Nigel Green, the company’s founder and chief executive officer, claimed in a statement.

The official specifically pointed out that other cryptocurrencies with better technology, features, and solutions like Ripple’s XRP and Ethereum will eat up some of Bitcoin’s current lion’s share of the market.

“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,” he expressed.

“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,” Green further stated.

Despite his not so good prophecy for Bitcoin, he emphasized that due to the ever growing interest of retail and institutional investors for cryptocurrencies, he boldly described that “the market will have grown beyond recognition when Bitcoin celebrates its 20th anniversary.”

Headquartered in Dubai, the deVere Group has several offices globally and claims of having over $10 billion under its management with over 80,000 active clients in more than 100 countries.

Earlier this month, the head of state of Malta, which is currently known as the blockchain island, declared that cryptocurrencies are clearly the future of money.

Malta Prime Minister Joseph Muscat said this is inevitable through the development of blockchain technology paired with the distributed ledger technology