Roger Ver, aka Bitcoin Jesus, predicts that Ethereum will soon take over from Bitcoin as the most valuable cryptocurrency in the world.
Roger Ver, a cryptocurrency advocate who has been actively involved in the cryptoverse since 2011, believes that cryptocurrencies that are more technologically secure like Bitcoin Cash, and, Ethereum will overtake Bitcoin in time.
While this cryptocurrencies will have a massive increase in value, the price of Bitcoin will only see modest gains, according to Ver. This will lead to what analysts refer to as “The Flippening”. This marks a time when Bitcoin will no longer be the leading cryptocurrency with the highest market capitalization.
During an interview with The Independent, Ver said:
“The Flippening is imminent, and I see it happening. Before the end of 2020, I see Bitcoin Cash overtaking Bitcoin, and before the end of this year, Ethereum will do the same.”
Ver talked about the obvious issues with the Bitcoin technology citing that it was unable to scale through the problem of slow transaction speed and high transaction fees that came along with increased popularity.
Is a Take Over Possible?
Over 1,500 cryptocurrencies have been created since Bitcoin was launched in 2009. Each one was created in a bid to improve on Bitcoin’s flaws.
Within the last 12 months, the price of Bitcoin has gone up from $1,700 to about $9,360 which reflects a 450% increase in price. Ether had a 1,000% increase in price with its current value at $764. Bitcoin Cash, on the other hand, hiked from $500 in August last year to $1,655.
Even if the price of Ether is still far from the price of Bitcoin, Ether is in circulation five-times more than Bitcoin. The market capitalization of Ethereum is just about half of the market cap for Bitcoin.
Despite Ver’s opinion, some other experts in the market believe that Bitcoin cannot lose its position because it is already well established in the industry.
Although Ver said that there is a chance that Bitcoin will continue to dominate the market, he doesn’t believe it is likely.