Altcoins can push bitcoin off the market. Which one will it be?


With the development of the cryptocurrency market, bitcoin may be pressured by altcoins in the same way that VHS videotapes supplanted Betamax in the 1980s. This, in a comment for CNBC said the co-owner of North Island Holdings, technology investor Glenn Hutchins.

“Bitcoin could turn out to be Betamax, ” he said.

Hutchins is convinced that in the future only one digital currency will prevail in the market, and one of the altcoins – Ripple, Ethereum or Litecoin, will most likely become that one.

“The token of exchange at the heart of the math solution that leads the technology will be there. Different tokens will be used for different applications,” said Glenn Hutchins.

Vice versa earlier in May the famous bitcoin-evangelist and CEO of BHB Network Giacomo Zucco said that the first cryptocurrency can be considered a unique phenomenon and that “only fools can believe in the success of the altcoins.”