Cryptocurrencies are like the dotcom area of the 1990s, and bitcoin may be outperformed by competition in the same way that Microsoft and Google have surpassed the formerly dominant Netscape Navigator, said the leading investment officer of Societe Generale’s personal bank.
Fahad Kamal, leading investment director at SocGen’s Kleinwort Hambros bank, told Insider that he was confident that the blockchain generation on which bitcoin will operate will be very vital over the next decade.
But he said regulatory threats, maximum energy consumption and the festival of other cryptocurrencies can mean that Bitcoin will be a component of the landscape over the next 10 years.
He added: “In 10 years I have no doubt that blockchain generation is going to be a very serious force in our lives. I have much, much less conviction or religion in the fact that bitcoin will exist for so long. “
Kamal said the festival is a threat. ” There are other cryptocurrenciesArray . . . which are probably much larger in their structure and in their foundations. Ethereum, for example. “
He said Bitcoin’s high energy intake and use in illicit financing meant that it could be only one target of strict regulations, similar to what is anticipated in Turkey, where the government is taking strong action against the use of cryptography.
Earlier wednesday, Goldman Sachs said on a note that the lack of real uses of bitcoin and its low environmental score “makes it vulnerable to the price loss that is asked for in favor of a better designed cryptocurrency. “
“Shark Tank” star and investor Mark Cuban argued that Amazon-like bitcoin, which survived the 2000 Internet bubble and continued to dominate global retail.
In January, he tweeted: “Looking at cryptocurrency trading, it’s EXACTLY like the Internet inventory market bubble. I think BTC, ETH, some others will be similar to those built at the time of the dotcom, survived the bursting of the bubble and thrived, like AMZN, EBay and Priceline. Many won’t. “