Bitcoin To Drop Despite Promise Of Bull Market
The value of Bitcoin predictions and other trends are coming in one week before crypto enthusiasts celebrate the 10th anniversary of Satoshi Nakamotoâs launch of the whitepaper for Bitcoin on Halloween.
However, Bitcoin's influence in cryptocurrency is set to massively reduce in its second decade, according to Nigel Green, the CEO and founder of the independent financial advisory organisation deVere Group.
Green predicts the digital currency market is likely to expand by at least 5,000% in the next ten years.
Ten years ago, Satoshi Nakamoto developed Bitcoin and came up with the very first blockchain to implement it. Nakamoto developed the white paper titled âBitcoin: A Peer-to-Peer Electronic Cash Systemâ in October 2008 and the next year, the first Bitcoin software was released.
âThereâs an ongoing shift away from fiat money, and the momentum of this is only set to increase over the next 10 years. The pace of mass adoption will speed-up.
A growing number of major institutional and retail investors, as well as financial institutions and regulators, amongst others, understand that cryptocurrencies are the future of money.â
Despite the growth forecast in cryptocurrency, Green predicts that the influence that Bitcoin has and its dominance will drop massively in the next ten years. Even though rumours of a bull market have been floating in the space for a while now.
Green said that this is due to a âmass adoption of cryptocurrency grows, more and more digital assets will be launched â by organisations in both the private and the public sectors. This will increase competition for Bitcoin and dent its market share. In addition, 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.â
Green went on to say:
âAs such, the market will have grown beyond recognition when Bitcoin celebrates its 20th anniversary.â
The price of Bitcoin is currently $6,513 and is in the green with 0.67% increase over the past day.
Remember, this is not investment advice. The price of Bitcoin is volatile and depends on numerous other factors. Nobody can every truly predict the next price change in Bitcoin or any of the other cryptocurrencies, therefore if you do decide to invest, make sure you do so based on your own prior research. Only invest what you can afford to lose!
What are your thoughts? Do you believe the leading cryptocurrency could possibly crash within the next ten years? Let us know what you think down in the comments below!