The prices of bitcoin witnessed a free fall amid December 2018–June 2018, rolling down from the record high $20,000 to the lowest rate of $5848.Bitcoin, which is among the flagship crypto around the world, has gone through a relative stability, with a petite range amid $6,300 and $6500.
However, despite concerns of traders over the long-term viability of cryptocurrencies, one of the expert is pretty optimistic about their future.
Since the commencement of Bitcoin about a decade ago, over 3,000 other alternate cryptocurrencies have also made in their space in the global market. The impact has only been embossed by some handful cryptocurrencies since then. But one analyst believes this could about change.
CEO of UK-based deVere Group, financial consultancy firm, Nigel Green stated that bitcoin has loads of potential is poised to witness a tough competition owing to the flourishing crypto industry.
He also stated that Bitcoin is the one who started the evolution of cryptocurrencies and is also responsible for the way the method of the transaction has revolutionized starting from handling money, business transaction, asset management, and much other similar stuff.
It is also projected that the dominance of the bitcoin in the sector will decline drastically in its second decade. This is owing to the bulk adoption of cryptocurrency which continues to grow and launching of digital assets by in both public and private sectors by the organizations.
It is also anticipated that the market will spur beyond recognition till 20th-anniversary celebration of bitcoin.
Mr. Green also mentioned that the shift from fiat money to digital will only be seen till next coming 10 Years. The mass adoption of the cryptocurrency will accelerate and the overall market capitalization is expected to reach 5000% high of its current valuation.