Twitter CEO Jack Dorsey is wrong to have such a bullish outlook on Bitcoin for Ethereum will rise to become the dominant cryptocurrency in the next decade, according to Nigel Green, founder and CEO of financial services group deVere.
In an interview with The Times, Green dismissed Dorsey’s prediction that “the world ultimately will have a single currency” and that “will be Bitcoin.”
“Unlike Jack Dorsey, I do not believe that Bitcoin will become the world’s sole currency in 10 years. The original cryptocurrency is likely to remain the most dominant one in the market for some time, especially with its scalability issues being tackled,” Green said.
He went on to add:
“However, I am confident that there will be many successful cryptocurrencies alongside Bitcoin. This is primarily because they all have different inherent characteristics, strengths, and values and, therefore, they are useful in different ways for people and organizations.”
Looking ahead, Green expects the digital currency market to maintain its exponential growth, which would result in greater usage and bigger investments in the major cryptocurrencies. The expansion will be driven by several factors, including a rise in the number of businesses and individuals aware of its benefits and better understanding of cryptocurrency and its uses.
Forthcoming rules from financial regulatory bodies across the world will eventually increase investors’ confidence in the new asset class, according to Green.
“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,” he said.
Green also noted:
“I’m noticing a huge shift towards considering Ethereum as a blockchain [the revolutionary technology that underpins cryptocurrencies] platform rather than just a cryptocurrency.”
He added that many companies are launching ICOs (initial coin offerings) on the Ethereum platform, whose smart contracts functionality makes it superior to the transaction-based Bitcoin platform.
Twitter mulls crypto ad ban
Despite Dorsey’s bullishness on Bitcoin, his social media company is rumored to be joining Google and Facebook in banning crypto-related ads.
We reported on Sunday that Twitter plans to overhaul its advertising policy to bar ads related to ICOs, token sales, and cryptocurrencies.