In the run-up to Bitcoin‘s 10th anniversary, it is high time to analyse the expiring decade and to make predictions about the crypto market’s future. October 31, 2018, will be the day, when the world will celebrate 10 years since Satoshi Nakamoto published his white paper on Bitcoin and initiated crypto revolution.
A week ahead of “Bitcoin’s birthday”, Nigel Green, founder and CEO of deVere Group, one of the world’s largest independent financial advisory organisations, which launched deVere Crypto, the pioneering cryptocurrency app earlier this year, forecasted the future of the world-changing cryptocurrency in his interview with CCN.
According to Mr Green, the next decade will be not the same for the cryptocurrency. He points out that, although Bitcoin has irrevocably changed the traditional financial system, its price is expected to “drastically reduce” in the next 10 years, while the entire market capitalisation is going to expand by 5,000% before 2028. If today it is more than $400 billion worth, it means that it will reach the $20 trillion mark by the deVere CEO’s prediction:
“Next week Bitcoin, 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. 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.”
Concerning the point of Bitcoin’s price reduction, Mr Green explains that it is going to happen for the reason of stiff competition. As the mass adoption of cryptocurrencies grows, more and more digital assets appear on the market, struggling for the top-rate.
Since Ethereum (ETH) appeared on the market in 2013, hundreds of cryptocurrencies have exploded onto the scene, many of which were born and died in the cryptocurrency gold rush of 2017. Bitcoin has maintained its so-called dominance over the sector, however. Though it has fallen somewhat from those highs, it has remained above 50%.
Among the list of Bitcoin’s major competitors for the next decade, Mr Green mentioned Ripple (XRP) and ETH, which would probably steal Bitcoin’s shine:
“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.”
Mr Green’s predictions about the future of Bitcoin are shared by other analysts. As, for instance, Bitcoin bull Mike Novogratz, who used to believe in the cryptocurrency’s breaking $10000 mark by the end of the year, has recently expressed his doubts in an interview with Bloomberg:
“One thing you learn in this process is that everything takes a little longer than you hoped it would. I don’t don’t see us breaking $10,000 by the end of the year.”
However, Ran Neuner, a founder and CEO of Onchain Capital as well as crypto investment and advisory, stays positive to Bitcoin, noting that its price is about to grow exponentially when Bitcoin ETF will be finally approved by SEC.
Although some experts believe the approval may not happen this year, recent events suggest that an ETF is likely to be approved. This, many believe will increase the tendency of investors rushing into the market to give Bitcoin a big boost in line with the predictions.