Bitcoin will lose 50% of the market share of the cryptocurrency in Ethereum within five years. This is according to Ian Mcloed of Thomas Crown Art, an artistic technology agency that he founded with the art dealer Stephen Howes.
He made a bold statement as Ethereum, the second largest cryptocurrency in the world by capitalization, began a price recovery on Friday after being hit hard by a sharp sell-off in recent weeks. Bitcoin was also in decline, but it returned faster than its nearest competitor.
In fact, Ethereum had precipitated to 85% in the whole of this year. However, he regained ground at the end of last week, climbing almost 14% after his most recent dive, but he finds himself falling back 10% once again in the last 24 hours.
Mcloed notes: "Turbulence is a regular, and sometimes welcome, feature of the cryptographic sector, so the rebound of Ethereum was and is inevitable, but we think not only that it rebounds considerably before the end of 2018, I believe that in the long run it will significantly weaken the Bitcoin domain.In fact, I think we can expect Bitcoin to lose 50% of its cryptocurrency market share to Ethereum, its closest rival, within five years. "
Ethereum offers more uses and solutions than Bitcoin, and is supported by superior blockchain technology, says Mcloed. "This is why we use Ethereum's blockchain in our artistic activity," he says. "It allowed us to create a system to use art works as a real store of value, it becomes a cryptocurrency portfolio, it also solves problems of authenticity and origin – essential in the world of art. our works of art are recorded on the Ethereum blockchain with a single "smART" contract.
Concludes: "While there will continue to be peaks and hurdles in the wider cryptocurrency market, due to its intrinsic strong fundamental values , Ethereum will constantly increase in value over the next few years and beyond. Unless Bitcoin does more now to deal with scalability issues and better technology on which it runs, we can not see how it can reach Ethereum in the next five years, when the cryptography market will be even more mainstream. "
" Ethereum is already light years ahead of Bitcoin in all, but at a price – and this gap will become more and more evident when more and more investors will enter into encryption. "