Since its inception, Bitcoin remains the most popular cryptocurrency; however, experts are increasingly tipping its closest rival-Ethereum-to start challenging it for the top position this year. Marcus Vandea, the CEO of Playfold says “Ethereum could soon become the king of the blockchain world akin to what Google and Amazon are to cloud computing.” Marcus adds that “Bitcoin will be sacrificed for the sake of the other coins.” This is not entirely unexpected after Ethereum rose by more than 5000% in 2017 catapulted by the boom in ICOs.
Although Ethereum is widely seen as the closest rival, the community behind Bitcoin’s younger sibling-Bitcoin Cash- said they had taken active measures to claim the first spot. Nevertheless, Roman Guelfi-Gibbs- the Lead Systems Designer and CEO of Pinnacle Brilliance Systems Inc- maintains that Bitcoin will soar even higher and eventually become a ‘secure’ store of value: “We know that the Bitcoin Cash crowd are vying for the title and have taken active measures to overtake BTC. We [also] know Lightning is coming with the promised upgrades in speed and transaction fees. For 2018, Bitcoin will remain king and it should be able to stave-off further attacks on its public standing. In the future, we may see BTC become like gold, as a secure store of value… But for now, Bitcoin is still king.”
Some experts have also cited Bitcoin’s resilience and its proven demand as a significant driver for future growth. Raza Ahmed, the CTO of TriForce Tokens holds that “Bitcoin is considered the gold of the crypto-currency space. Although many speculate that Bitcoins days are over, time after time, it came back to surprise us with its rapid and rather dramatic increase in price. It’s not as simple as a yes or no question, what and why do you need it, is the better question. Bitcoin is still considered and will be for a while longer the leading crypto-currency due to its already established demand.”
According to David Drake, Founder and Chairman of LDJ Capital, “We are likely to see Bitcoin becoming the best high-growth investment this year due to the growing adoption and increased accessibility.” The cryptocurrency investor and advisor claims that Bitcoin’s predictable deflationary monetary supply will trigger a positive response in price as demand increases.
Despite the triple-digit returns posted by digital currencies last year, Dr. John Mathews, Bitnation CFO, insists extreme caution should be exercised when making an investment decision. Mathews cautioned that “You should invest in cryptocurrency if you understand why it is a revolutionary technology and what its implications might be. Before investing your money, invest some time to educate yourself so that you can make better decisions. Do not invest in it if you’re uncomfortable taking financial risks and cannot afford to lose your investment.”
Similarly, some analysts have urged caution warning that investing in any cryptocurrency is a game that looks pretty much like a bubble owing to their extreme volatility. “People who invest in Bitcoin should do so to ride the wave. Investing a small amount to see where it goes. Right now it’s highly speculative, but if it eventually gains more utility, things can get more interesting, indeed,” asserts Tammy Leigh Kahn, the COO of ClearCoin.
It is also important to note that Bitcoin and Ethereum are relatively distinct. Whereas Bitcoin is more of a digital gold and a medium of payment, Ethereum has a few nifty features that give it an edge over its predecessor in some key areas.
So what does the future hold really? Only time will tell.