Twitter boss wrong to be so bullish about Bitcoin
I disagree with Jack Dorsey, Twitter chief executive, who said in an interview with The Times: “The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be Bitcoin.”
Bitcoin will not be the world’s sole currency in the next decade, I believe there will be many successful cryptocurrencies, and Ethereum will likely to take over from the Bitcoin domination.
Although it’s probable that Bitcoin will remain the dominant digital currency in the market for some time to come, particularly with the issues of scalability being confronted, I’m confident there will be many other thriving cryptocurrencies alongside Bitcoin. Chiefly because the different currencies all have distinct inherent traits, strengths and values, and, as such, are useful in diverse ways for individuals and companies.
Furthermore, the market is forecast to grow rapidly, which will see increased usage of, and investment in, all major cryptocurrencies.
This growth will be spurred on by a number of factors. Perhaps the main one is that a growing number of people, firms and organisations have a greater knowledge and understanding of digital currencies, and, in turn, use them more. Additionally, financial regulatory bodies worldwide are increasingly looking to regulate cryptocurrencies, providing investors with further protection and confidence in the market.
As we’ve seen, Dorsey has an incredibly bullish viewpoint in regard to Bitcoin. However, I consider its biggest rival, Ethereum could take over in the not-so-distant future as the biggest and most important digital currency in the world.
Indeed, I’ve noticed a major shift in the consideration of Ethereum as a blockchain platform, rather than just a cryptocurrency.
A large number of firms are launching their Initial Coin offerings – the cryptocurrency equivalent of IPOs, on Ethereum. Moreover, the usage of smart contracts means it’s significantly superior to the ‘transaction based’ Bitcoin.
Whilst I don’t agree with the views of the Twitter boss, that Bitcoin will be the sole currency in 10 years, it does highlight the escalating assertion that cryptocurrencies are here to stay, and the market is certainly growing, despite the best efforts of financial traditionalists.