According to Nigel Green, founder of deVere Group, The price of Bitcoin (BTC) will drastically reduce in the next decade. Green expects the crypto market to expand by 5000%. Green serves as the CEO of deVere Group, a top independent financial advisory company. Green made these remarks in an interview with CCN.
According to Green, the coming decade won’t not the same for Bitcoin (BTC). He agrees that even though Bitcoin (BTC) has irrevocably altered the traditional financial system around the world, its price is expected to “reduce drastically” in the next decade, while the entire market cap will expand by 5,000% before the year 2028.
Stiff Competition in the Crypto Space Will Lead a Drastic Decline in Bitcoin (BTC) Price
Green believes that Bitcoin’s price will reduce because of the continuous sprout of new tokens and mass adoption of these digital assets. He says this will result in stiff competition and see Bitcoin (BTC) price drop drastically. The credibility of Green’s forecast for the world’s most valuable cryptocurrency remains to be seen. Bitcoin has maintained its dominance over the sector. Though it has fallen from the highs, it set, but it has always remained above the 50% in value.
Ethereum (ETH) and XRP (XRP) to Displace Bitcoin (BTC) at the Top
The deVere Group CEO predicts that Ether and XRP will remove Bitcoin from the top. However, since Ethereum came into the scene in 2013, countless digital assets have come and gone in the crypto golden rush of last year. One constant thing of note in this period is that Bitcoin has been the top gun.
Green’s predictions about Bitcoin are shared by several crypto analysts. Novogratz, a Bitcoin (BTC) proponent who once believed that the cryptocurrency would break $10000 mark by this year end, has recently expressed doubts regarding his earlier views.
Others have the opposite view and believe in Bitcoin (BTC). Ran Neuner, CEO of Onchain Capital, says Bitcoin’s price is about to exponentially grow when the Bitcoin ETF finally gets approved by the SEC. This, according to many experts will make Bitcoin (BTC) get more investors automatically giving it a big boost.
UK Shelves Plan For Digital Gold, Sony Launches Digital Asset Wallet
According to Reuters, the Royal Mint in the U.K. has shelved its plans for a virtual gold token called the Royal Mint Gold (RMG). The Mint said, “Sadly, because of market conditions, the plan did not prove possible, but we will revisit it when the market conditions are stable.”
Sony CSL (Computer Science Laboratories) has launched a contactless digital asset wallet. The wallet utilizes encrypted communication and mutual authentication, making it safer. The company made a statement that the “hardware wallet is portable and useful. It is unlike the traditional hardware wallets that are connected to PCs with USB.”
IBM and OMFIF (Official Monetary and Financial Institutions Forum) reported after a survey that 54% of central banks indicated that CBDCs (central bank digital currencies) “can be used to boost the speed, resilience and efficiency of cross-border payments.” Additionally, the organizations found that “all respondents” an optimistic view of smart contracts because they give central banks better “flexibility in the payment and settlement process.”