deVere Group has opposed Twitter chief executive Jack Dorsey by stating that “Bitcoin will not become the world’s sole currency in 10 years”.
The firm has predicted that many cryptocurrencies will be successful, with Ethereum likely to “take over” Bitcoin’s dominant status in the market.
When speaking to The Times Dorsey said: “The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be Bitcoin.”
However, deVere founder and CEO Nigel Green challenged this statement, commenting: “Unlike Jack Dorsey, I do not believe that Bitcoin will become the world’s sole currency in 10 years.
“Jack Dorsey is, clearly, extremely bullish on Bitcoin, but I believe that its closest rival, Ethereum, could in the near future take over as the world’s biggest and most important cryptocurrency.”
Despite this, Green acknowledged that Bitcoin is likely to remain the “dominant” force in the cryptocurrency market for the time being, but argued that all cryptocurrencies have different inherent “characteristics, strengths and values” providing various different uses.
“Also, the market itself is set to grow exponentially, resulting in greater usage of and investment in all the major cryptocurrencies. This growth in the market will be driven by many factors. These include that simply an increasing number of individuals, firms and organisations are becoming aware of, have a better understanding of and use cryptocurrencies; and also because financial regulatory bodies around the world are increasingly looking to regulate cryptocurrencies, which will give investors even more protection and confidence in the market,” Green said.
Green accused Dorsey of being “bullish” on Bitcoin, but “believes” that Ethereum could take over as the “world’s biggest and most important” cryptocurrency, as he is noticing a shift towards Ethereum as a blockchain platform, rather than just a virtual currency.
Furthermore, many organisations are launching ICO’s (initial coin offerings) on Ethereum, whilst also using smart contracts, making it “significantly superior” to Bitcoin.
“There is a huge and growing demand for digital currencies in our increasingly digitalised world,” Green concluded.
Subscribe to our newsletter to receive breaking news by email.