You might look at the markets today and wonder how any other cryptocurrency will ever knock Bitcoin off the top spot. With a market dominance of well over 50% now, Bitcoin has a strong grip on the markets, a grip that only seems to be getting tighter. Even so though, many do believe that the technology behind Ethereum will one day be enough to knock Bitcoin off the top spot, one expert even claims that Ethereum could in turn turf off up to 50% of Bitcoins market share.
The same expert believes this could happen in as little as five years too.
According to Business Cloud, tech expert Ian Mcloed has spoken out about Ethereum’s prowess and potential to gain a significant chunk of Bitcoins market share. Mcloed is alleged to have said (in reference to the recent Ethereum downturn):
“Turbulence is a regular, and sometimes welcome, feature of the crypto sector. Therefore, the Ethereum rebound was, and is, inevitable.”
“Not only do we think it will rebound considerably before the end of 2018, I believe that over the longer time it will significantly dent Bitcoin’s dominance. In fact, I think we can expect Bitcoin to lose 50 per cent of its cryptocurrency market share to Ethereum, its nearest rival, within five years. Ethereum offers more uses and solutions than Bitcoin, and it’s backed with superior blockchain technology.”
Mcloed is responsible for Thomas Crown Art, an art agency that is using Ethereum’s technology to store value, Mcloed explains:
“This is why we use Ethereum’s blockchain in our art business. It has allowed us to create a system to use artworks as a literal store of value; it becomes a cryptocurrency wallet. It also solves authenticity and provenance issues – essential in the world of art. All our works of art are logged on the Ethereum’s blockchain with a unique ‘smART’ contract. Using this cutting-edge technology, the art world can eradicate one of its biggest and most expensive problems – forgery – and can protect artists, galleries, and private owners and collectors.”
Is Ethereum challenging Bitcoin?
As we know, Ethereum and Bitcoin are not competitors, though as Mcloed points out, Ethereum does offer numerous technological advantages that at present, Bitcoin does not. Now of course, Bitcoin has popularity on its side as well as its obvious notoriety. However, technology and use value is becoming a much bigger issue, especially with regards to cryptocurrency adoption.
It is the cryptocurrencies with the best technology that will cement themselves as a part of the blockchain future at the end of the day, I think this is what Mcloed seems to recognise.
“Unless Bitcoin does more now to tackle scalability issues, and improves the technology it runs on, we cannot see how it can catch up with Ethereum over the next five years or so, when the crypto market will be even more mainstream. Ethereum is already light years ahead of Bitcoin in everything but price – and this gap will become increasingly apparent as more and more investors jump into crypto.”
Of course, we can’t guarantee that in five years time Ethereum will be leading the markets. Indeed, Bitcoin has many other rivals in this respect, including Bitcoin Cash and Ethereum Classic. It’s a race to the top, one that is going to prove to be very interesting over the next few years, that’s for sure.