Bitcoin News & Update: 10th Anniversary Sees Bulls Forecasting 5,000% Crypto Market Increase in Next Decade

Bitcoin has been on the minds of investors for a while now, with many arguing that it has a bullish future while others are almost scathing in their skepticism of cryptocurrency. With the 10th anniversary of the digital coin coming up, the discussions regarding its prospects have also increased. There are even some analysts who predict that the cryptocurrency market will see a 5,000 percent increase in the decade.

Bitcoin bulls have been forecasting a rosy future for the cryptocurrency for some time, but there are some realists in the bunch. In the case of deVere Group CEO Nigel Green, for example, he believes that the dominance that Bitcoin has enjoyed thus far will be reduced over the next ten years. However, he also believes that the overall crypto market will see a boom, Forbes reports.

"I believe that bitcoin’s influence and dominance of the cryptocurrency sector will drastically reduce in its second decade," Green said. "This is because as mass adoption of cryptocurrency grows, more and more digital assets will be launched – by organizations in both the private and the public sectors. This will increase competition for bitcoin and dent its market share."

Green believes that the wider adoption of cryptocurrency will allow the market to grow by 5,000 percent within the decade. This would then put Bitcoin, Ethereum, and the rest of the crypto coins at a value of $20 trillion from the $400 billion that it is at today.

However, an increase in the market presence also means an increase in security risks and that is where Bitcoin is currently vulnerable, The Independent reports. If the crypto market can shore up its cyber defenses and assure clients that their digital money will not be at risk of getting stolen, it can grow even more. For now, Bitcoin and the rest of the crypto gang are still struggling to stay afloat.