The popularity of Bitcoin will fade away over the next decade, according to one of the world’s leading financial experts.
Nigel Green, co-founder and CEO of the deVere Group, believes a perfect storm of better technology and the emergence of an as yet unknown cryptocurrency will overtake the 10-year-old Bitcoin.
Speaking to UK newspaper the Daily Express, Mr Green said Bitcoin could still play a huge part in the future of finance, but its dominance of the space will be massively reduced.
“Bitcoin is likely to remain the dominant cryptocurrency for some time, but I do believe that its influence will decline over the next five to 10 years,” he told the Express.
“This is because as mass adoption of cryptocurrency grows, more and more digital currencies will be launched – by organisations in both the private and the public sectors.”
He explained this would severely damage BTC’s market share as serious competition begins to grow.
“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,” he added.
“There’s an ongoing shift away from fiat money, and the momentum of this is only set to increase over the next 10 years, and Bitcoin will play a major, but reduced, part in this.”
Despite wild fluctuations and volatility in the market, Mr Green remains confident that Bitcoin’s short-term future is relatively secure.
“I think that it’s unlikely that there will be major swings – of the kind we saw this time last year – to either the upside or the downside,” he explained.
“It is, overall, and despite the current bearish sentiment, becoming a more mature asset class.
“I don’t think that the volatility is causing people to lose interest. Quite the contrary. I believe interest is growing – we have seen clearly from institutional and retail investors, financial institutions, governments, central banks, and regulators.
“Market volatility can be used as major buying opportunities. It allows investors to top up their portfolios when prices are lower and/or take advantage of lower entry points, so they can often considerably strengthen their longer-term position.”