The emergence of new cryptocurrency will only strengthen the position of Bitcoin, Yury Pripachkin, President of the Russian Association of Cryptoindustry and Blockchain (RACIB), told a news conference at the National News Service (NSN).
“Cryptocurrency is playing a bigger and bigger role in the modern economic process. All serious financial institutions, from central banks to business owners issuing their own tokens, are confident that these new economic constructs are real enough, and that they are being used by the real economy. The new digital economy is switching to its own special tools,” Yury Pripachkin said.
In the future, major players will issue new cryptocurrencies, and this will strengthen Bitcoin’s position as equivalent to the currencies, he added.
“Not all current cryptocurrencies will survive: some will be absorbed by others, some will just phase out for lack of demand,” the expert explained.
He said he did not know if Bitcoin will ever cost $400,000-500,000, as some analysts predict, but its cost will definitely grow in the long term. Yury Pripachkin compared crypto projects with dotcoms.
“No one believed in dotcoms at first, but later on the top five projects in this market showed record performance, and these companies still exist,” the president of RACIB explained.