Farzam Kamalabadi, chairman of Investment Management company Future Trends Group, has said Bitcoin is yet to attain full maturity despite the asset hitting record price levels.
According to Kamalabadi, maturity will be attained once Bitcoin continues to integrate with the traditional financial sector. He notes that based on Bitcoin’s limited supply and projected value increase, the crypto will gradually give way to what he termed as ‘digital financial asset,’ which will be a crucial indicator of maturity.
At the same time, he stated that the single Bitcoin dominance would be reduced, suggesting that more tokens and other cryptocurrencies would emerge, resulting in high valuation. Kamalabadi notes the emergence of new tokens will not replace Bitcoin and Ethereum but diversify the sector.
“So that position of singleness and the front runner will definitely slow down, whereas its own multiplication, it will happen. It will not be in the thousand anymore…10 years, 20 years Bitcoin will mature more. And the diversification, we don’t need 50 years in this industry. Two years is like a whole equivalent of 200 years. So with no more than five years, we’ll see mega changes, and in 10 years, the whole industry will mature,” said Kamalabadi.
Bitcoin’s rally continues
His sentiments come as Bitcoin continued its rally on Tuesday, hitting new all-time highs of above $68,000. Similarly, Ethereum also attained a record price mark of $4,800, targeting the $5,000 level.
Since last month, the crypto market momentum has surged after the United States regulator Securities Exchange Commission approved the first Bitcoin exchange-traded fund. By press time, the asset was trading at $66,800, having gained 5% over the past seven days.
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