Ten years after the launch of Bitcoin, the cryptocurrency market remains in its nascent stages. While a lack of real-world applications and widespread crypto-usage creates questions about the innovation’s long-term viability, a prominent financial advisor predicts the market has potential to 50x from here.
5,000 Percent Increase
Nigel Green, the founder, and CEO of financial advisory firm deVere Group believes the broader cryptocurrency market will expand by “at least” 5,000 percent within ten years. However, his opinion about Bitcoin is rather pessimistic; Green states the pioneer cryptocurrency will see a “drastic” reduction in both dominance and influence over the larger digital assets economy.
Green’s forecasts are somewhat bold for a market anchored to Bitcoin’s price movements and regulatory scrutiny. But, a truly decentralized store-of-value was likely to face regulatory hurdles before widespread social acceptance, which has accounted for the better part of Bitcoin’s ten-year-history.
The pioneer cryptocurrency was launched on Oct. 31, 2008, after pseudonymous creator Satoshi Nakamoto released the iconic “Bitcoin: A Peer-to-Peer Electronic Cash System” whitepaper.
Since launch, Bitcoin has spurred a $200 billion cryptocurrency market – valued at $800 billion during its peak – created several “unicorn” startups like Coinbase and Bitmain, provided aid at political mishaps, and even created tens of thousands of jobs to support the sector.
Its prominence has led to the growth of blockchain technology as a whole industry, with superpowers looking to lead dominance in the “Big Data” innovation and technology enterprises like IBM and Accenture moving towards offering blockchain solutions to clients.
As Green puts 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.”
The Case of Faltering Bitcoin
The veteran thinks Bitcoin’s influence and dominance of the cryptocurrency sector will “drastically reduce in its second decade,” citing mass adoption of more prominent digital assets supported by governments and led by professional entities in both public and private sectors.
Such developments, in turn, would “increase competition” for Bitcoin due to advanced features, superior technology usage, and unique solutions to existing problems.
Green believes the move away from fiat money has begun, and the “momentum” is only set to increase over the next ten years.
He adds:
“The pace of mass adoption will speed-up and the cryptocurrency market cap can reasonably be assumed to reach at least 5000 percent above its current valuation over the next decade.”
While his predictions seem extremely bullish, his cited figure would mean a mammoth $20 trillion market cap for all cryptocurrencies. Such growth would require the use of cryptocurrencies in everyday life seamlessly, as well as widespread institutional investments paving the future of finance as we know it.
The post Prominent Financial Advisor: Crypto Market Cap Will Hit $20 Trillion in Ten Years, Bitcoin to Face “Competition” appeared first on CryptoSlate.
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