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After experiencing successive corrections in recent months, it looks like the crypto market has finally bottomed out and Bitcoin, the largest crypto by market cap, has been relatively stable in recent weeks trading in the $6,200 – $6,500 range. As Bitcoin turns 10 years old today, October 31, 2018, a cryptocurrency expert offered his predictions on what’s in store for the digital coin and the crypto market as a whole.

Most crypto investors share an overwhelmingly positive outlook on the crypto industry’s long-term prospects, which explains why they still invest billions into these digital currencies despite the current bearish market. But as far as optimism is concerned, deVere Group’s Nigel Green probably trumps them all; he believes that the market will soar to unimaginable heights in the next decade.

In an interview with the Independent, Nigel Green revealed that he believes that the crypto market will reach the $20 trillion mark within ten years. Green is the CEO and the founder of financial consultancy firm deVere Group, which is based in the UK.

Green explained that there would be two factors that will help push the cryptocurrency market to the $20 trillion level. One of these, according to Green, is that cryptos will eventually eclipse fiat currencies within the next decade.

Green told the Independent:

“There’s an ongoing shift away from fiat money, and the momentum of this is only set to increase over the next 10 years.”

Another factor that could help push the crypto market upwards is that adoption will rapidly accelerate in the next decade. Numerous crypto experts believe that some of the reasons that are currently hindering crypto’s mass adoption – such as slow transaction speeds and the high cost of fiat to crypto conversion – will be solved in the next couple of years. Similarly, Nigel Green believes that adoption will rapidly accelerate within the next 10 years, which, in turn, could push the crypto market’s value upward.

“The pace of mass adoption will speed-up and the cryptocurrency market cap can reasonably be assumed to reach at least 5000 per cent above its current valuation over the next decade… As such, the market will have grown beyond recognition when bitcoin celebrates its 20th anniversary.”

However, the next decade won’t be smooth sailing for the current number 1 cryptocurrency, Bitcoin. Green believes that the competition within the crypto industry will heat up in the coming years and other digital currencies will challenge Bitcoin’s dominance.

Green told Independent that:

“I believe that bitcoin’s influence and dominance of the cryptocurrency sector will drastically reduce in its second decade. This is because as mass adoption of cryptocurrency grows, more and more digital assets will be launched – by organisations in both the private and the public sectors. This will increase competition for bitcoin and dent its market share.”

Cryptocurrency Expert Says Market Could Reach $20 Trillion in a Decade was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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