Nigel Green, the cofounder and CEO of the deVere Group, a for-profit “organization that helps international investors fulfil their financial goals”, recently said that bitcoin’s (BTC) dominance in the cryptocurrency market will be “drastically reduced” in the next 5 or 10 years.
Green believes that the digital currency market will also expand, or grow, by “at least” 5,000% in the coming years. Notably, Green’s prediction and insight into how the crypto asset industry will evolve has come just a week before the 10th anniversary of the release of the Bitcoin whitepaper.
Bitcoin "Kick-Started" It All
Commenting on the Bitcoin whitepaper’s nearly 10 years of existence, Green said:
Next week Bitcoin, the original and still largest cryptocurrency by market capitalization, celebrates its 10th anniversary. Bitcoin is what kick-started the crypto revolution and it has changed the way the world makes transactions, does business, and manages assets, among other things, for ever. It all began with Bitcoin.
He added: “However, while 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.”
According to the Green, the crypto industry will become more diversified as more “organisations in both the private and the public sectors” join the ecosystem. He explained that “mass adoption of cryptocurrency” through various other blockchain projects “will increase competition for Bitcoin and dent its market share.”
It is likely that Bitcoin will be hit by the superior technology, features, and problem-solutions, offered by existing and yet-to-be-released cryptocurrencies. There’s an ongoing shift away from fiat money, and the momentum of this is only set to increase over the next 10 years.
Green also believes that more private and public business entities, and even traditional financial institutions, will contribute to the rapidly evolving crypto space. He noted:
The pace of mass adoption will speed up and the cryptocurrency market cap can reasonably be assumed to reach at least 5000% above its current valuation over the next decade.
As CryptoGlobe covered in mid-September, billionaire venture capitalist, Tim Draper, has on many occasions expressed his bullish views regarding the nascent crypto industry. Draper has compared the ongoing development of the digital asset ecosystem to the gradual growth and adoption of the internet.
While acknowledging that crypto technology needs to mature and that it will take several years before more people are aware of and understand digital currencies, Draper has predicted that their market cap will skyrocket to $80 trillion in the next 15 years.