The CEO of global financial consultancy firm the deVere Group has stated that the cryptocurrency market will expand by a massive 5,000% over the next 10 years. Nigel Green also believes that Bitcoin’s dominance will continue to fall during the same period.

Nigel Green: Competition Will Weaken BTC, But Where is It?

As Bitcoin’s first decade in existence draws to a close, many close to the space will be looking ahead to what the next 10 years will bring. Nigel Green, CEO of the financial consultancy company deVere Group thinks he knows and, consistent with previous remarks on the industry, his outlook is bullish.

According to International Investment, the executive claimed that the entire market capitalisation would experience a surge of upwards of 5,000% before 2028. He also stated that the rate of growth will only continue to increase going forward.

Green spoke about what Bitcoin had already accomplished in terms of disrupting the world of finance and business:

“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.”

Although being careful to acknowledge Bitcoin’s role in the financial revolution that is just beginning, Green did say that the dominance of the number one cryptocurrency was likely to fall over the coming 10-year period. The reason for his outlook – competition:

“This is because as mass adoption of cryptocurrency grows, more and more digital assets will be launched – by organisations in both the private and the public sectors. This will increase competition for Bitcoin and dent its market share.”

The CEO also mused that Bitcoin would likely lose market share due to more advanced tech that may not be available, yet providing efficiency that Bitcoin cannot match.

Although Green may well be correct in his view that Bitcoin will lose some of its dominance over the space, it seems unlikely that another project will ever be able to offer quite what Bitcoin does.

As a store of value, Bitcon’s utility is simply unparalleled. There is something incredibly uneasy about the idea of a startup or soon-to-be-startup creating an asset that people are going to be using as a safe haven for billions of dollars.

Bitcoin’s lack of leadership and as-close-to-organic-as-possible inception makes it far more suited than any other existing project in the crypto space to be used as a reserve currency for the planet. Now the technology is out in the open, it seems as good as impossible to imagine another asset that has not yet been created usurping Bitcoin in this regard either.

In the future, whether you personally want to transact using additional layers of Bitcoin offering less decentralisation, or altcoins that are less secure than the base layer, will be entirely up to you. However, for now, no other asset (digital or otherwise) can offer anywhere near the same security, decentralisation, or strong monetary policy as Bitcoin.

This means it continues to be prime candidate for the bedrock of a new digital global economy, rather than simply a footnote.

Featured image from Shutterstock.