Adam Black, the CEO of Blockstream, has recently affirmed that Bitcoin dominance is set to rever to around 90%, which would mark the end of the altcoins’ supremacy era. According to him, the historical heights will be achieved once more at the expense of the altcoins.
He affirmed this during a recent debate with Dovey Wan, the co-founder of Primitive Fund. Initially, Wan asked about how Bitcoin was quickly decoupling from altcoins and rising in price alone. Adam Black answered that this was a “reversion to mean” and that the process would continue. At the moment, the dominance of BTC is around 70%, but he believes it will grow.
Last year, Bitcoin had less than 40% of the whole market cap, but the situation is changing quickly. Black affirmed that the whole reversion of the trend will last for around two years and a half and that the dominance will be huge when the process stops. Before 2015, BTC dominated 90% of the market and he believes that this will happen again.
This obviously gives some power to the narrative that Bitcoin is here to take the place of the altcoins completely. Vocal critics of altcoins have been very prominent lately by affirming that they are mostly doomed, with maybe only a handful of them surviving the future.
The Bitcoin maximalist Max Keiser, for instance, affirmed that the altcoins will never recover from their losses and that Bitcoin will continue to be the king in an even more undisputed fashion now. Is he right? Hard to say, but the trend if clear, Bitcoin is growing and the altcoin market is struggling to follow.
Author: Osahon Okodugha
Samson Mow, the CSO of Blockstream, has recently affirmed that the Lightning Network solves one of the major problems of the Bitcoin network on a recent interview.
According to him, the whole idea behind BTC is not really to be a currency to be used in everyday activities. The way he sees BTC, it is all about a great way to store value digitally. It is, therefore, a medium for the transfer of wealth, not really a currency. He believes that affirming this has made several people dislike him and affirm that he hates Bitcoin, but that’s far from the truth.
His view is only that BTC was created for that purpose, not to be money. Fortunately, he affirmed, the Lightning Network was created in order to give BTC a shot at becoming the kind of currency that can be used any day.
The LN is pretty fast and the fees are very low. It was created exactly with these payments in mind. One the network reaches mainstream adoption, it can change Bitcoin. No longer people would need to wait hours before transactions are complete.
He also affirmed that something that was interesting about Bitcoin was that the token had some kind of “virgin birth”. Unlike the altcoins that came later and copied its concepts, it was really decentralized and unable to be controlled by a single group. All the times that people tried, hard forks happened.
In related news, Mow has recently affirmed that Facebook’s Libra would be screwed if people decided to make the right choice and use BTC instead.
Author: Bitcoin Exchange Guide News Team