Crypto king Bitcoin to be dethroned by this hot rival: experts

A woman works on her desktop and tablet, having a win with crypto.A woman works on her desktop and tablet, having a win with crypto.

Even though experts are predicting Bitcoin (CRYPTO: BTC) will hit $590,000 by the end of this decade, they’re also forecasting that it’ll be usurped as the flagship cryptocurrency.

That’s the majority opinion from 35 industry gurus surveyed in Finder’s latest quarterly Bitcoin Price Predictions Report.

It seems Bitcoin’s lack of purpose, other than store of value, is worrying the experts about its long-term viability.

As a contrast, Ethereum (CRYPTO: ETH) and Solana (CRYPTO: SOL) are both blockchain systems that facilitate smart contracts. 

Half the panel, therefore, thought that Bitcoin would eventually be overtaken as the most popular crypto.

‘One-trick pony’

Thomson Reuters technologist and futurist Joseph Raczynski called Bitcoin a “one-trick pony”.

“For now it really only serves as another currency, akin to a dollar, euro, or pound,” he said.

“Other blockchains that serve a multitude of purposes will likely have a chance to take the throne.”

Nottingham Trent University associate professor Jeremy Cheah agrees.

“Despite Bitcoin being the most widely known and somewhat understood, it consumes too much energy and suffers from interoperability and scalability problems.”

Both Ethereum and Solana, with their real-world applications, have a chance to take the throne, according to Tykhe Block Ventures co-founder Ganesh Kompella.

“Bitcoin is not a blockchain at all enabling advancements in technology. It’s just a cryptocurrency, if you look at it,” he said.

“Ethereum might flip BTC in terms of market cap. Solana becomes a primary hub for on-chain perps and options.”

Ethereum marches ahead while Bitcoin shrinks to US$100?

Raczynski reckons Ethereum is the most likely successor.

“It can serve as money, but has created a platform to tokenize all assets and create a massive platform of the internet of value,” he said. 

“This is far grander than Bitcoin potentially.”

One expert that’s an absolute Bitcoin bear is University of Canberra senior lecturer John Hawkins.

He forecasts the leading crypto would shrink to US$5,000 by 2025 and just US$100 by 2030, to be completely crushed by Ethereum.

That would upset a lot of people, but is a risk.

“As well as private crypto being replaced by central bank digital currencies, and a general collapse of the speculative bubble, I think Bitcoin will lose out to Ethereum which has a stronger use case,” he said.

“Especially if Ethereum ever converts to proof-of-stake and so becomes more environmentally responsible.”

The post Crypto king Bitcoin to be dethroned by this hot rival: experts appeared first on The Motley Fool Australia.

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Motley Fool contributor Tony Yoo has positions in Bitcoin, Ethereum, and Solana. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Bitcoin, Ethereum, and Solana. The Motley Fool Australia owns and has recommended Bitcoin, Ethereum, and Solana. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 

from The Motley Fool Australia

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