Bitcoin.com chief executive Roger Ver maintains that Ethereum was likely to punch through the number one spot later this year and overtake Bitcoin.
“It’s much more likely than not that Ethereum will go to number one,” Ver told The Currency Journal.
“Ethereum only has to double one more time in order to surpass Bitcoin’s market cap and if you watch Ethereum’s market cap it was only around $100 maybe a year ago and now it’s at $800. If you look at Ethereum and the innovation going on around it, then another doubling of the market is certainly well within the realm of possibility.”
Ver added that most of the market was expecting a similar movement at some point with the exception of bitcoin core developers. “I think the only people who are going to be surprised by that are the bitcoin core supporters who have somehow closed their eyes to reality as they have somehow convinced themselves that bitcoin core providing a bad user experience with high fees and unreliable transaction times [and] that good is bad and up is down and they are basically living in nonsense land.”
Ver: 2018 Will Be Year of the Alt
As a result of slow transaction times continuing to plague the bitcoin core network, altcoins are likely to gain significantly more market share in 2018 over bitcoin, Ver added.
“We are going to see Bitcoin Core lose market share to altcoins and the ones at the top of the list are the biggest attraction, so Bitcoin Cash but also Ethereum and DASH.” Ver indicated that Ripple and privacy coins Monero, Z-Cash and Z-Coin are all coins he considers to be potential “up-and-comers”.
Ver, who is one of Bitcoin’s original proponents, began to draw away from BTC after heated disagreements with the The Lightening Network who he accuses of producing huge propaganda around bitcoin. As evidence of bitcoin’s falling status in crypto, Ver pointed to the metric that Ethereum completes more transactions per day than does the world’s number one crypto by market cap, and added that on some days many altcoins beat bitcoin in total traded volumes on exchanges. Ver cited additional evidence of bitcoin’s waning status as being that since March 2017 the digital asset has gone from holding an 85% market share dominance of crypto assets to just 35% dominance in market cap terms.
“When bitcoin core is no longer the largest crypto but when it loses that top spot in terms of market cap, that will be a real big wake up call for people all over the world,” Ver said.