Roger Ver was once so evangelical about Bitcoin, he earned the moniker “Bitcoin Jesus”. Ver is still a believer, only these days he sees Bitcoin as “Old Testament”, and instead is putting his faith into Bitcoin Cash and Ethereum, two younger cryptos which will soon surpass Bitcoin in the inevitable “Flippening”.
Roger Ver – once Bitcoin’s greatest advocate and earliest believer and major investor – now believes BTCs time as the world’s no.1 cryptocurrency is limited. In an interview this week with the UK broadsheet The Independent, the one-time “Bitcoin Jesus” Bitcoin evangelist said that cryptocurrencies such as Ethereum and Bitcoin Cash were more technologically advanced than Bitcoin, and would soon surpass it at the top of the crypto rankings. In crypto circles, such an occurrence would be dubbed “The Flippening” which basically means a changing of the guard, and is based on the Biblical term The Quickening.
Ver believes that, while bitcoin was once revolutionary and groundbreaking, in reality , as a usable digital currency it is slow, costly and limited. Ver thinks that technologically superior cryptocurrencies such as Ethereum and Bitcoin Cash will enjoy massive increases in value in the coming months. All it would take for The Flipping to occur would be for either or both Ethereum and Bitcoin Cash to enjoy a significant surge in value, at the same time as Bitcoin is returning modest gains or suffering a slump in value. As Ver told The Independent:
“I see it happening, and I believe it’s imminent. Ethereum could overtake bitcoin by the end of the year and bitcoin cash could do the same before 2020.”
Ver explained that as Bitcoin’s popularity increased and demand for its BTCs escalated, its core technology only allowed for slow transaction times, high fees and a limit on the amount of transactions it could handle at once. Since Bitcoin’s inception in 2009, more than 1,600 additional cryptocurrencies have come into existence. Many have improved upon the blockchain technology used to develop Bitcoin, while some – such as Ethereum and Bitcoin Cash, have looked to improve upon Bitcoin’s initial design flaws.
Could Bitcoin Adapt?
Some experts disagree with Ver, and instead believe that the Bitcoin blockchain has the capacity to adapt and maintain its place at the top market. They believe that Bitcoin is sophisticated enough absorb any game-changing technology.
Venture capitalist Michael Jackson, CEO of Mangrove Capital Partners is one of those, and he is sure that the people behind Bitcoin will do whatever it takes to stay on top of the market:
“There is so much talent in the crypto space, and people are working on solving these scalability problems. I don’t see why bitcoin shouldn’t remain in the number one spot. It is still by far the best known, and it is ultimately the reserve currency in the space.”