Avalanche (AVAX) co-founder and CEO Kevin Sekniqi says he has a hard time imagining that Bitcoin (BTC) will be able to maintain its number one spot in the crypto markets.
Sekniqi tells his Twitter audience that at some point in the next two decades, he thinks the top crypto asset by market cap will most likely be outdone by projects with stronger innovation.
“It is fairly strange to believe the theory that in 15-20 years, despite lack of innovation or new usage, Bitcoin will remain in #1 place. It seems fairly reasonable to deduce that the ecosystems innovating faster will eventually outdo Bitcoin.
‘Gold doesn’t need to innovate,’ that’s because there’s only a limited amount of scarce elements on the periodic table. Physics doesn’t innovate, I suppose.”
Sekniqi isn’t the only industry insider who doesn’t believe Bitcoin is invincible to competing crypto assets.
Closely followed crypto analyst Nicholas Merten told his 512,000 YouTube subscribers earlier this year that the flippening, or the event of Ethereum‘s market cap surpassing that of Bitcoin, is still a possibility in the near future.
“I know a lot of people think that’s far out, but Ethereum, from a previous upper band range, only needs to make I think around 80% to 100% move in order to do that.
I’m not saying it’s going to remain there for a long period of time. That’s not the name of the game here. We’re investing and trading here. In this case, we’re trying to see if we can get that price point up there and make those returns against Bitcoin.
It’s a pretty nice bet. If you can already invest in Bitcoin, that’s wonderful. [If] you can invest in something that might potentially double against Bitcoin, that would be really, really great.”
Macro Guru and Real Vision CEO Raoul Pal also recently explained why he feels the flippening is inevitable.
“They’re two entirely different things. One is this pristine collateral store-of-value asset. The other one is basically a technology platform that’s the fastest-growing on Earth. Is that [second one] going to be worth more? Yeah.
Now there is an argument that Bitcoin ends up becoming the monetary system for the entire world. But I’m not sure I’ll be alive when that happens. What I’m trying to make is make the best bet that I can do over the next few years, and that’s when I think the flippening will happen. Does it happen in this cycle? I think it might get there, and then that’s when the bear market starts.”
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Source: https://dailyhodl.com/2022/05/09/avalanche-avax-co-founder-predicts-bitcoin-btc-loses-its-supremacy-heres-when/