Bitcoin Will Continue to Lose Market Share to ETH, SOL, and Other Altcoins, According to FTX US President
According to the head of a leading US cryptocurrency exchange, Bitcoin’s (BTC) future market share supremacy is not assured.
Brett Harrison, president of FTX.US, said in a recent interview with CNBC’s Squawk Box that altcoins like Ethereum (ETH) and Solana (SOL) are eroding BTC’s market share.
According to Harrison, the pattern of Bitcoin’s dominance ebbing away over time will almost certainly continue.
“We discuss Bitcoin dominance, which is the proportion of market capitalization and market movements attributed to Bitcoin – which has been progressively declining over time.
Ether, various alternative proof-of-stake assets such as Solana, and many other alternative currencies are all increasing in market capitalization. Over time, we will witness a decreasing percentage of the entire market share derived from a single asset, Bitcoin alone.”
Harrison discusses how institutional investors have been slower to enter the crypto market than previously expected. According to the CEO, the world’s wealthiest investors are waiting for more regulatory certainty before investing in crypto assets.
“We have hundreds of meetings with pension funds, family offices and huge banks who want to go into crypto, all of their workers are privately into crypto, but the real firms themselves aren’t yet.
It’s a matter of compliance and regulation, and many are holding off until there is more regulatory certainty in the United States and surrounding exchanges like ours.”