Bitcoin is currently on top of the crypto food chain mainly because it’s the very first digital currency made. However, it is true that there are a number of problems that users encounter when it comes to Bitcoin. Regardless if you are an investor or a miner, these problems affect everyone that is involved in its network.
And for this reason, there are the altcoins. Among top altcoins include Ripple, Ethereum, and Litecoin. Each has their own unique offers to the table. And if you will ask Roger Ver, who earned his moniker “Bitcoin Jesus”, he believes that technologically superior cryptocurrencies such as Ethereum and Bitcoin Cash can overtake Bitcoin in the coming years and months.
Is Bitcoin Jesus Correct?
He thinks that altcoins’ price is likely correlated to the modest gains coming from Bitcoin. However, he also thinks that there will come a point when Bitcoin will no longer have the highest market capitalization among cryptocurrencies.
He said that “I see it happening, and I believe it’s imminent”. He added that “Ethereum could overtake Bitcoin by the end of the year and Bitcoin Cash could do the same before 2020”. This is what analysts have dubbed as “The Flippening”.
Slow Transactions and High Fees
Ver sites that it is due to Bitcoin’s core technology that could potentially be its downfall. It is quite common for investors to experience slow transaction times and high fees. In fact, today, there are around 1,500 other digital currencies since Bitcoin was made. Each of these digital currencies has tried to improve Bitcoin’s flaws.
However, if you will ask Michael Jackson who was the former COO of Skype, and now works for the investment firm Mangrove Capital Partners, he believes that the issues mentioned by Ver can be solved. He said that “There is much talent in the crypto space, and people are working on solving these scalability problems”. He also mentioned that “I don’t see why Bitcoin shouldn’t remain in the number one spot. It is still by far the best known and it is ultimately the reserve currency in the space”.
The Rise of Bitcoin Cash
Bitcoin Cash is seen by Ver to be worth hundreds of thousands of dollars in the coming years. He also sees Bitcoin go stagnate in the future. According to Ver, “It’s not guaranteed but it is much more likely to happen than not”. He also mentioned the entry of institutional investors. He mentioned that “Bitcoin Cash has more than doubled in value in the last month and big investors are coming in soon could see it double again by next week. People love to chase a rising star”.
But of course, it isn’t just Bitcoin Cash that is getting a positive forecast. In fact, even Ethereum is viewed to increase four times its current value soon.
Since the start of 2017, the entire crypto market has struggled especially when regulators finally became strict. However, it is clear today that the worst part is over. And for this reason, even institutional investors are now interested to participate.