BitGo CEO Predicts Bitcoin Could Be Replaced by a Better Digital Asset
In an interview with Kitco News, BitGo CEO Mike Belshe suggests that Bitcoin will eventually be replaced as the leading digital asset. While Belshe acknowledges that digital assets are here to stay, he believes that Bitcoin might not always be the flagship asset in the crypto sector.
Belshe compares BTC to Amazon, stating that while it is possible to create a better version of Amazon, it would be challenging to replace it due to its size and network effect. Similarly, Bitcoin would require a digital asset that is “materially better” in order to be replaced. Belshe emphasizes that Bitcoin’s network effect makes it difficult to replace.
At the time of writing, BTC is trading at $26,254 and has experienced a 0.28% increase in the past 24 hours.
Hot Take: The Future of Bitcoin
According to BitGo CEO Mike Belshe, while Bitcoin is currently the best form of money we have, it doesn’t mean it will remain so forever. Belshe believes that a digital asset would need to be significantly better than Bitcoin in order to replace it as the leading cryptocurrency. This echoes his comparison to Amazon, highlighting the difficulty of supplanting a dominant player due to its size and network effect. Although digital assets are here to stay, Belshe suggests that Bitcoin’s position at the top may not be permanent.
Read more: The Daily Hodl
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