The president of a top-US crypto exchange says Bitcoin’s (BTC) market share dominance is not guaranteed in the future.
In a new interview with CNBC’s Squawk Box, FTX.US president Brett Harrison says altcoins like Ethereum (ETH) and Solana (SOL) are eating into BTC’s share of the pie.
According to Harrison, the trend of Bitcoin’s dominance over the crypto market waning over time will likely continue.
ICYMI: @FTX_US President @Brett_FTXUS joined Squawk Box on CNBC today and they talked some #bitcoinpic.twitter.com/KM0qhrrCld
— FTX (@FTX_Official) February 14, 2022
“We talk about Bitcoin dominance, which is the percentage of market cap and market moves coming from Bitcoin – that has been going down steadily over time.
Assets like Ether, other alternative proof-of-stake assets like Solana and these other alternative coins are all picking up in terms of market cap. Over time, we are going to see less and less of the total market share come from just one asset, Bitcoin alone.”
Harrison addresses the fact that institutional investors haven’t been diving into the crypto space as quick as initially anticipated. According to the CEO, the largest investors in the world are waiting for more regulatory clarity before allocating to the crypto assets.
“We have hundreds of conversations with pension funds, family offices and large banks that want to get into crypto, all of their employees are privately into crypto, but the actual companies themselves aren’t yet.
It’s a question of compliance and regulation and many are waiting to pull the trigger for there to be more regulatory clarity in the US and around the exchanges like ours.”
Bitcoin is currently trading for $42,665, up 1% over the last 24 hours.
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