As Bitcoin’s influence on the cryptocurrency market fades, the broader crypto market is set to increase by up to 5,000% according to a press release issued by the deVere Group’s CEO Nigel Green, who was commenting on the 10th anniversary of Bitcoin’s whitepaper.
According to the press release, Green says that Bitcoin (BTC) will continue to weaken over the next 10 years, while other cryptos will help push the value of the nascent industry over a dizzying value of $20 trillion.
Green also says that we are already seeing the mass adoption of cryptocurrencies, which in turn will lead to an increasing number of new digital assets entering the cryptosphere. The prominent executive also believes that these newbie crypto assets will arise from a mixture of both private and public sector businesses.
Current Crypto Market is Valued at Around the $400 Billion Mark
At the moment, the overall value of all cryptocurrencies is at the $200 billion level. Green has said that he predicts the market will be worth above 50 times over current values by the time 2028 rolls around. It is around this time that many believe crypto assets will go mainstream, reverting from a previous prediction of 2020 as stated by a research conducted by SharesPost.
It is important to note that Green did credit Bitcoin for its contribution to the growing adoption of cryptocurrencies, but seemingly believed that BTC’s days are numbered. With increasing competition from those breaking through the barriers to entry into the world of blockchain technologies, inevitably, these newbie digital currencies will have a negative impact on Bitcoin’s market share.
Since Satoshi Nakamoto’s Bitcoin whitepaper was published 10 years ago, BTC’s market cap has risen to $112 billion, or 53% of the current $200 billion cryptocurrency market.
That said, it seems that Green firmly believes that despite Bitcoin’s astounding performance over the last 10 years, the predicted newcomers will be a catalyst to the 50x rise in global crypto value, while Bitcoin will diminish. Whether he makes a valid argument is yet to be seen, but there have been plenty of arguments saying that Bitcoin has fatal design flaws and is outdated.
The perpetual claims that Bitcoin is inherently flawed could indicate that Green’s prediction is very reasonable, contrary to the cries of BTC maximalists. The threat would be from the numerous start-ups that have released whitepapers outlining that they’ve learnt from Bitcoin’s mistakes and created improved architectures, solutions, technology, and features.
Ethereum and Ripple Have Already Stolen Bitcoin Market Share
Green, based out of Dubai but has offices worldwide, makes some good points. It is still early days for cryptocurrencies. We are only 10 years into Bitcoin’s history, and we have already seen the likes of Ripple’s XRP and Ethereum’s ETH take a slice of Bitcoin’s market share.
XRP currently holds the third largest market cap in the cryptosphere at almost $19 billion, with Ethereum just ahead, holding $21 billion. Both have eaten away at Bitcoin’s dominant market share since their inception but still, claim just 4.75% and 5.25% market share respectively.
When you look below the top three players and compare this to just 2 years ago, there are numerous new crypto assets. This is without having to look back another 10 years, which is when none of these existed.
Green’s prediction may sound overly-bullish, but if we compare the last 10 years and then look forward to what might be ahead of us, it is right to assume that the crypto marketwill be almost unrecognizable in a decade’s time.