Bitcoin is currently considered world’s largest cryptocurrency. In the past year, it has seen a rise of 450 percent with its price going from $1700 to $9360. But Roger Ver, who is considered the “Bitcoin Jesus”, has predicted that it will lose its status to Ethereum or another similar cryptocurrency.
Since Bitcoin’s inception in 2009, thousands of other cryptocurrencies have come into existence. Bitcoin is not flawless. And with its increasing popularity, bitcoin is facing issues like high fees and slow transactions. Thus, all the other existing cryptocurrencies are trying to overcome one or more flaws of Bitcoin. And the maximum popularity is seen for Ethereum and Bitcoin Cash.
In the past year when Bitcoin gained so much, Ethereum gained almost 1000% to reach its current price of $764. At the same time, Bitcoin cash has reached from $500 in August to the current price of $1655. Though the prices are still way far from Bitcoin with increasing circulation these currencies can catch up in no time.
According to Roger Ver, other cryptocurrencies like Ethereum are technologically more versed and thus will gain massively in the coming months. As a matter of fact, Ethereum will take over Bitcoin by the end of the year while Bitcoin cash will reach there by 2020. The surge in the value of Bitcoin is slower than the next two. And this trend is said to lead to ‘The Flippening’ of the market where Bitcoin will no longer exist as the highest market cap, according to the analysts.
There is also another school of thought which says that Bitcoin can never lose its status of market leader. The technical issues can be easily overcome to negate the benefits of other competing cryptocurrencies. The former COO of Skype believes that people are working on solving the problem and there is no reason why Bitcoin should not be dominant. But according to Mr. Ver, it is a highly unlikely scenario.