Experts predicted when the price of bitcoin would reach its peak

  • December 20, 2021

  • Experts say bitcoin’s share of the crypto market is gradually declining and it will be possible to forget about its dominance after a few years
  • Malyshev believes bitcoin is beneficial for blockchain projects
  • Bitcoin is, in turn, a collection of random numbers on a computer

According to Mikhail Malyshev, the head of the hedge fund Teza Technologies, the price of bitcoin will likely reach its maximum mark in three to six years, which may be about 500 thousand dollars, while the most popular cryptocurrency will slowly lose its dominance in the market.

As an expert pointed out, bitcoin’s share in the cryptocurrency market is gradually shrinking and after a few years, it will be possible to forget about its dominance. Approximately 5-7 years from now, bitcoin will take 1/10 of the market. His comment emphasizes, however, that such processes aren’t linear and that this point will be reached much earlier.

Also Read: The concern of Spanish banks about the “high risk” of investing in cryptocurrencies

Bitcoin is beneficial for working blockchain projects, according to Malyshev. Ethereum, for example, is essentially a distributed computer, like Solana, Cardano, Dot, and others. Bitcoin, in turn, is a collection of random numbers on a computer. Although the concept of a blockchain is patentable, nobody owns the IP. On the other hand, Ethereum, Solana, Cardano, and Dot are centralized and their IP is owned, he explained.

According to him, project founders essentially monetize IP through fees for using their blockchain. “To maintain the bitcoin blockchain, you need to spend electricity. And an asset from which energy constantly flows out, sooner or later, will become zero on the distant horizon,” the expert concluded.

History of bitcoin

Satoshi Nakamoto, a pseudonymous person, became known in 2009 as the creator of Bitcoin. As it turned out, his creation of a blockchain-based currency that ensures maximum transparency and security at the same time as simultaneously being scientific was regarded as highly “INCREDIBLE” and caused a great deal of turbulence during ICO pricing!

A Bitcoin transaction is verified and added to the system through the mining process, which releases it into circulation.

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