Bitcoin (BTC), as a pointer in a vast cryptocurrency sector, has marked an explosive growth in a very short space of time, and Dan Morehead, CEO of Pantera Capital, does not think its impressive growth rate would be stuttering just yet.
The cryptocurrency has spiked from a shell of curiosity to a real-time industry with millions of jobs, implementations, and integrable solutions. Yet, according to Morehead, the trailblazing coin’s exponential growth is nothing to be compared to what should be expected in the next decade given cryptocurrency itself is just about the ‘brink of mainstream adoption.’
Bitcoin has seen an increase of more than 5000 percent within a period of eight years and is set to continue its bullish rise into the everyday world in the foreseeable future.
“Six or eight years ago there was probably a million people on earth using it,” Morehead said, “Now there are 50 million people that use it… I think in a decade it’s going to be billions of people using it . . .”
The rise of internet towards the end of the last century and into the early 2000’s unsettled a lot of sectors and industries, and changed what was important in business, as the world gradually embraced a world where business could be conducted in business. Morehead believes the cryptocurrency sector would be enacting a similar influence in a few years to come. While the financial sector would hardly be overturned or impacted significantly, Morehead noted that key cogs and subsectors that fit well to define the financial industry would very well be toppled and replaced by an evolving cryptocurrency sector.
“It’s great at cross-border money movement… it’s great at storing your wealth especially if you live in a country with depreciating currency or capital controls…” Morehead explained, in a recent interview with Bloomberg.
Clog in the Coin
Bitcoin or the digital currency sector, however, is not without its own impediments. While it might be breaking new grounds and worming its way into adoption on all play-fields such as Walmart’s cheeky ad that it would be doing its lettuce on the blockchain, the recurring issue of scalability is still a poignant barrier to large-scale adoption. Morehead, however, predicts that the issue of time would solve the issue impeccably more than expected.