The layer of fair trust that was the normal greet for the flagship currency Bitcoin among the crypto market and investors seems to be fading away. Despite rapid adoption, the trust of financial sectors and analysts seems to be dwindling around Bitcoin as a UK’s private bank Kleinwort Hambros has cast its vote of confidence not for Bitcoin but for Ethereum. The investment chief, Fahad Kamal, has shown some pretty serious reservations when it comes to Bitcoin, the cryptocurrency with the highest market cap. He believes that Bitcoin’s current position as the top cryptocurrency might be taken over by some other in a period of ten years and his reservations are pretty identical to what happened with the dot com war back in 1997.
Bitcoin might not be the Leading Cryptocurrency a Decade from now
In 1997 the idea of a thoroughly connected world with the help of the internet took over the technological sector by storm, and Netscape Navigator came out to be a flagship search engine of that time cherished and used by people all over the globe. Consider Netscape Navigator as Bitcoin, but in the upcoming years, Google and Microsoft took over, and there was not even a single user of Netscape Navigator after the dominancy of Google and Microsoft’s search engine was completed. According to Fahad, the same is about to hit Bitcoin, and it might be the cause of immense hurt not only for the crypto market but also for the investors who have poured in heavily into Bitcoin.
The advancements and competition proposed by the blockchain and decentralized mechanics are bound to escalate, which will definitely take some shining out of Bitcoin as the flagship or world’s first cryptocurrency, and there would be some other competitor taking its position. Due to Bitcoin’s current use cases, there are no regulations in place to stop its use for money laundering, which calls for immediate regulatory attention. Other than that, the electricity consumption that leads to the mining of Bitcoin is unreal and needs to be given a serious thought. These things mixed with others only strengthen the idea that Ethereum or some other cryptocurrency might overtake Bitcoin because of its design and use cases.
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