Bitcoin cash promoter Roger Ver believes BCH will one day overtake BTC to become the world's most valuable cryptocurrency. But before that happens, he believes ethereum will take bitcoin's crypto-crown.
Ver, once known as “Bitcoin Jesus,” told The Independent that so-called technologically superior cryptocurrencies like ethereum and bitcoin cash will surpass bitcoin in value in the coming months and years. Ver sees ethereum surpassing bitcoin by year’s end and bitcoin cash by 2020.
Analysts refer to this supposed development as “The Flippening.”
Ver pointed to slow transaction times and high fees undermining bitcoin. He noted that more than 1,500 cryptocurrencies have entered the market since bitcoin’s 2009 inception in attempts to overcome bitcoin’s "limitations."
Bitcoin’s rise in value in the last year has carried other cryptocurrencies, with Ethereum and Bitcoin Cash outpacing bitcoin.
Bitcoin’s price has jumped 450% from $1,700 to $9,360 in the past 12 months, while Ethereum has gained 1,000% (to $764) and Bitcoin Cash moved from $500 in August to $1,655.
Ethereum has five times as many units in circulation as bitcoin, making its market cap slightly less than half of bitcoin’s.
Ver stated in January that BCH will continue in its steady growth and surpass BTC in the near future.
“BCH is the same version of bitcoin that everyone fell in love with and used from 2009 until 2017,” he said. “It has the same economic code that led to it becoming a worldwide phenomenon. I’m sure that formula will continue to work for BCH into the future, and it will surpass BTC in usage, popularity, and market cap in the near future.”
Not all cryptocurrency experts agree with Ver.
Michael Jackson, Skype’s former COO now working at Mangrove Capital Partners, said bitcoin can overcome its shortcomings and thereby offset other cryptocurrencies’ benefits.
Jackson said solutions are being sought for bitcoin’s scalability issues. He further noted that bitcoin is by far the best-known cryptocurrency and the reserve cryptocurrency.
Ver acknowledged that bitcoin could remain the top cryptocurrency, but he doesn’t think it is likely. He said bitcoin cash’s utility could drive its price to hundreds of thousands of dollars.
While this is not guaranteed, bitcoin cash has more than doubled in the past month, and the interest of big investors could cause its value to double by next week, Ver said.
In the short term, though, the entire market has suffered a setback, with both ethereum and bitcion cash taking bigger hits than bitcoin.
The cryptocurrency market has declined by more than $50 billion over the past 24 hours, as the bitcoin price declined by more than 8 percent and other major cryptocurrencies along with tokens experienced an intensified movement on the downside.
Where bitcoin fell 8.68%, ethereum lost 11.96% and bitcoin cash dropped 17.07%, according to CCN's cryptocurrency market cap index.
Last modified (UTC): May 11, 2018 5:56 PM