- Edan Yago believes Bitcoin is the unassailable leader in crypto
- 2024 promises to bring groundbreaking enhancements and wider adoption for BTC
In the world of cryptocurrencies, Bitcoin (BTC) stands as the undisputed leader, a fact that was emphatically highlighted in a recent episode of the Wolf Of All Streets Podcast featuring Edan Yago. Yago, CEO and Founder of Epiphyte, offered an illuminating vision of BTC, not just as digital gold, but as the foundational layer for a new, decentralized financial system. He stated,
“Bitcoin is the Godzilla of crypto. It’s the most secure and the only one that we can be sure is going to be here in five years and 10 years.”
Bitcoin’s bullish case
According to Yago, the king coin’s growth is centered on several technological and regulatory milestones beyond mere price appreciation. The recent approval of spot BTC exchange-traded funds (ETF) presents a potential watershed moment for institutional adoption. Moreover, the upcoming halving event is poised to tighten supply and trigger possible price hikes.
Developers are adapting innovations like roll-ups, initially developed for Ethereum (ETH), to enhance Bitcoin’s functionality. These roll-ups promise to bring scalability, low-cost transactions, and the ability to execute complex smart contracts on the platform. in fac, Yago believes that the first notable roll-outs could potentially occur even before the middle of this year.
“Bitcoin in 2024 is going to have a miracle year it’s going to be like nothing we’ve ever experienced.”
This expansion is further supported by groundbreaking technologies such as Ordinals and BRC-20 tokens. These developments position it as a comprehensive platform for a wide array of applications, from non-fungible tokens (NFTs) to decentralized finance (DeFi) projects. It also eliminates the need to fork or alter the core code.
Moreover, Bitcoin’s market size is threefold to that of Ethereum’s. So, projects that integrate DeFi into Bitcoin have the potential to scale significantly, he added.
Are altcoins over?
The rise of Bitcoin does not necessarily spell the demise of altcoins like Ethereum and Solana (Sol). On the contrary, Yago believes it may lead to a diversification of the blockchain landscape, where each network finds its niche.
“I think, with Ethereum, there’s going to be a culture that develops around it probably where people become Ethereum loyalists maybe it becomes like the woke chain.”
He highlighted that Bitcoin’s dominance has a unique pattern. It typically fluctuates between 40% and 70%. Ethereum, on the other hand, has never really surpassed a 20% market share. Any shift in market dominance will not be a swift process, it may span over five to ten years. Nevertheless, Yago expects a gradual decline in Ethereum’s dominance during this timeframe.
Mainstream adoption of Bitcoin
The speaker also articulated how the convergence of digital adoption, mobility, and institutional skepticism, accelerated by the COVID-19 pandemic, solidified Bitcoin’s appeal. The inefficiency of current global transaction methods, exemplified by gold shipments for oil trades, starkly contrasts with Bitcoin’s simplicity and security.