Weiss Ratings, a private company that offers market research and analysis on stocks, ETFs, mutual funds, insurance companies, banks, credit unions and cryptocurrency, just dropped a bold prediction on the future of Bitcoin and Ethereum.
The rating agency, which was founded back in 1971, is calling Bitcoin a “one-trick pony” and says it will likely lose 50% of its market share to Ethereum within the next five years.
The basis for the argument is centered on the notion that Ethereum offers more use cases than Bitcoin, with its ability to create decentralized apps and smart contracts. Weiss Ratings says Ethereum is “backed with superior blockchain technology” and proclaims that “the limit of ETH’s application is sky itself.”
#Bitcoin will lose 50% of its #cryptocurrency market share to #ETH within 5 years, due to it offering more uses and being backed with superior #blockchain technology. We completely agree – unlike #BTC, which is a one-trick pony, the limit of ETH’s application is sky itself.
— Weiss Crypto Ratings (@WeissCrypto) September 18, 2018
In the above tweet, Weiss Ratings is likely referencing a new interview in Business Cloud. The UK outlet recently spoke with Ian Mcloed, the co-founder of blockchain-based company Thomas Crown Art, who offered his views on the the future of crypto.
“In fact, I think we can expect Bitcoin to lose 50% of its cryptocurrency market share to Ethereum, its nearest rival, within five years…
Whilst there will continue to be peaks and troughs in the wider cryptocurrency market, due to its inherent strong core values, Ethereum will steadily increase in value in the next few years and beyond.
Unless Bitcoin does more now to tackle scalability issues, and improves the technology it runs on, we cannot see how it can catch up with Ethereum over the next five years or so, when the crypto market will be even more mainstream.
Ethereum is already light years ahead of Bitcoin in everything but price – and this gap will become increasingly apparent as more and more investors jump into crypto.”
You can check out the full interview here.