With the maturation of the cryptocurrency market bitcoin could be supplanted by competitors in the same way as Betamax lost to VHS in the battle of video formats in the consumer market in the 1980s. This opinion was expressed by a technology investor Glenn Hutchins (Glenn Hutchins).
“Bitcoin can be a Betamax,” said co-owner of North Island Holdings.
Domestic Betamax video tapes were submitted to Sony in 1975. But in the “format war” they lost the consumer market to VHS tape JVC.
According to Hutchins, in the end, the dominant will be one digital currency, and the winner could be the alternative to bitcoin — Ripple, Ethereum or Litecoin.
“Token exchange based on the mathematical solution that leads in technology will remain. Other tokens will be used for a variety of applications”, says Hutchins.
We will remind that earlier eks-the President of Goldman Sachs and former economic adviser to President trump Gary Con (Gary Cohn) also stated that the world will ever be a global cryptocurrency, but it won’t be bitcoin.