deVere CEO, Nigel Green, said the cryptocurrency market could expand 5,000% in the next ten years. The information was released in a blog post a few days ago, just a week ahead the 10th anniversary of the publication of Bitcoin’s white paper. Green has also said that Bitcoin would lose the current dominance it has in the market.
deVere CEO Bullish About the Future of Crypto
Bitcoin did not have a good year. Since December 2017, it has lost over 65% of its price. But it is always good to look at the whole picture. Ten years ago, Bitcoin did not even exist. In this context, Nigel Green, founder and CEO of deVere Group, is bullish about the next ten years of the crypto market.
He explained that in the next ten years the cryptocurrency market will expand at least 5,000%. However, Bitcoin will not be able to sustain the current market dominance it has. According to CoinMarketCap Bitcoin’s dominance is 53% when at the end of 2011 it was 63%. Back in February 2017, BTC’s dominance was 86%.
He commented about it:
“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.”
But then, he explains that there will be other virtual currencies or projects that will steal part of Bitcoin’s dominance.
“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,” he says. “This will increase competition for Bitcoin and dent its market share:”
Furthermore, he went on saying that the total cryptocurrency market cap can reach at least 5,000 per cent. If that happens in the next ten years, we could see Bitcoin surpassing $100,000 dollars. Nonetheless, he did not mention anything specific about which price Bitcoin could reach.
In the past, Green commented that XRP could reach $1 dollar before the end of 2018. At that moment, XRP experienced an important price surge due to the expectations generated around the xRapid product.
According to some reports, Green remains bullish about XRP and ETH. For him, XRP will be one of the main digital assets to dent Bitcoin’s market share in the next years. At the moment, there are several financial institutions and banks working with RippleNet and other products.
About Ethereum, he noted that there are several platforms adopting this virtual currency. Initial Coin Offerings (ICOs), for example, launch their tokens on this network. Additionally, it provides smart contract functionality and other possibilities that Bitcoin does not currently offer.
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.
