When it comes to the likelihood of Bitcoin losing its crown as the leading cryptocurrency, Michael Saylor of MicroStrategy thinks there’s zero chance of that ever happening.
But is he right? After all, when it comes to tech, Bitcoin is way behind the competition.
The Case Against Bitcoin
Since day one, Bitcoin has managed to fend off all challengers, in terms of market cap at least.
Although technically superior, faster, and cheaper blockchains exist, the market maintains its preference for Bitcoin. Granted, Bitcoin’s days of 80%+ dominance have passed. But as things stand, it still outshines every other crypto project out there and by a significant margin as well.
Despite that, there is always a nagging doubt on whether Bitcoin can continue to hold this position.
Those who foresee a flippening often cite first movers eventually making way for newer technologies. There are countless examples of this, from MySpace to Facebook and Netscape to Chrome.
Add to that the flaws in Bitcoin, and it’s easy to make a case for a flippening. Flaws such as its low 7 transactions per second speed, its lack of privacy, and the fact Bitcoin cannot be programmed.
Taking all of this into account, one is forced to question whether Bitcoin has a future.
Saylor Says The Future is Bright
According to Michael Saylor, the future of Bitcoin looks bright, regardless of its technical shortfalls. He believes price is the main driver of Bitcoin’s stickability and why it will stay on top.
Saylor added that the Bitcoin price has barely begun to fulfill its potential. When it does, it will be the most successful thing the world has ever seen.
“I think there’s about zero chance of that. Bitcoin’s a trillion dollar digital monetary network. Bitcoin would be the most successful thing you’ve ever seen in your life.
Backing up this claim, Saylor quotes the timeframes in which top companies reached a trillion dollar market cap. Saylor points out that Bitcoin has achieved this in just 12 years, compared to many decades for the others.
“it took Microsoft 44 years to be a trillion dollars, it took Apple 42 years to be a trillion dollar network, it took Amazon 24 years to be a trillion dollar network, it took Google 22 years to be a trillion dollar network. It took Bitcoin 12 years to be a trillion dollar network, and there’s nothing else. There is no other trillion dollar network.”
What’s more, Saylor states that this growth rate is only accelerating during these uncertain times of money printing and low-interest rates. Add to that the institutions, of the likes of PayPal and Square, building on the base layer, and Saylor is confident that Bitcoin’s place as the number one crypto is assured.
Source: BTCUSD on TradingView.com
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Author: Samuel Wan