The CEO of crypto investment fund Off The Chain Capital predicts that Bitcoin (BTC) will replace many traditional assets and that most Ethereum competitors ultimately be shaken out.
In a new interview with Real Vision, Brian Estes says that the flagship cryptocurrency is like a black hole that sucks in value.
“Bitcoin is the winner for proof of work and what that means is that Bitcoin is becoming the monetary layer of the world. It’s replacing gold as the monetary layer…
It’s sucking in value of gold right now, and I think there’s the potential of it sucking in value of anything that’s a store of value: so, rare art, rare cars, eventually maybe bond market and especially negative-yielding bonds, and real estate. Well, I think the value of that store value will get sucked into Bitcoin.”
While Bitcoin dominates proof of work, Estes says that things are different for proof of stake (PoS) blockchains. He predicts that there will be a shakeout among Ethereum (ETH) competitors as the leading smart contract platform switches to a proof of stake model.
“You have Solana, Tezos, all these other thousands of proof of stake blockchains. We don’t know which ones of those will be the winner yet. Binance Smart Chain and Solana have been taking a significant amount of market share away from Ethereum because Ethereum is slower and expensive and Binance Smart Chain and Solana are much faster and cheaper.
When we hit that shakeout phase in the next one to three years, I would say that almost all the proof of stake blockchains will get washed out, and we’ll be left with a handful of winners there, too.”
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