An investment advisory firm claims that Solana is the altcoin with the highest potential to become the next Bitcoin. The firm notes that the last piece of the puzzle is a ‘killer app’. He also states that at the moment, NFTs and Blockchain games are the two best possibilities. We have prepared the report of the consulting firm for our readers.
“This altcoin could be the next Bitcoin”
A cryptocurrency like Bitcoin may never exist. Since its creation in 2013, Bitcoin has made an incredible return of 22,279.89%. Some analysts predict that Bitcoin could reach $1 million by 2030. That’s more than 40x a gain at today’s $24,000 price.
However, Solana has the potential to become the next Bitcoin. As you follow on Kriptokoin.com, the token has increased by an incredible 3,260% since its IPO in 2020. In 2021, altcoin was one of the hottest cryptocurrencies of the year. However, will it become an iconic coin that is found in almost every investor’s crypto portfolio, just like Bitcoin?
What is an unbeatable value proposition?
Like any good investment, Solana needs a clear value proposition to attract as many investors as possible. Currently, the investment thesis around Solana is that it is a cheaper, faster and better alternative to the leading altcoin Ethereum. Solana is a pure PoS Blockchain capable of processing more than 65 transactions per second with near zero fees. Ethereum, on the other hand, processes only about 15 transactions per second with high transaction fees.
That’s why users and developers have started to unite around the Solana ecosystem. It’s cheaper and more efficient to do just about anything on Solana than it is on Ethereum. That’s why media analysts called Solana an ‘Ethereum killer’. Ethereum will move to a PoS system with its much-anticipated Merge. However, Solana will still have a technology platform superior to Ethereum.
But Solana will need an even stronger value proposition to become the next Bitcoin. Bitcoin, for example, is ‘digital gold’. This concept is so simple to understand. It has motivated even the youngest crypto investors to buy HODL in the long run. Meanwhile, marketers have said that Ethereum is ‘digital oil’. This is a very simple and effective way to explain why Ethereum is so important to the crypto world. So what is Solana? Here’s an idea: Solana ‘digital sunlight’.
Where are the altcoin fans?
Another distinguishing feature of Bitcoin is the presence of a cult-like following. Every time the token drops, fans are urging Bitcoin supporters to buy the ‘fall’. When people ask them where the Bitcoin price is headed, they confidently answer “to the moon”. This kind of extraordinary optimism about the future is something Solana must capture and hold on to if she hopes to become the next Bitcoin. Because that’s what will help him bounce back from difficult market conditions. Just like there are Bitcoin and Ethereum maximalists, there needs to be Solana maximalists.
And there are already signs that these Solana super-supporters are emerging. For example, in 2021 Solana fans tried to brand the entire post as ‘Solana Summer’. Or, take a look at the recent launch of Solana’s real-life (IRL) retail store experience called Solana Spaces in downtown New York City. Solana Spaces is like an Apple Store in many ways. This is a first in the blockchain world. So it’s possible that Solana will become a crypto brand along the lines of a tech brand like Apple. That’s why be careful!
What is the ‘Killer app’ app?
Meanwhile, being the next Bitcoin is not easy. For this, Solana needs to develop a ‘killer app’ that will set it apart from all other Blockchain projects. In the tech world, the only product or service that convinces users, developers, and tech entrepreneurs to adopt a particular company is a great practice.
Currently, the most likely option for a Solana killer app includes Non Fungible Tokens (NFTs) or digital representations of art, video and other media ownership. Since mid-April, Solana NFTs have been a hot topic of conversation. OpenSea, the most popular NFT marketplace, has started listing Solana NFTs. But the killer app is also possible for a new game to create a new metaverse or a new decentralized finance (DeFi) offering.
Obviously, a lot of things have to go right for Solana to become the next Bitcoin. However, based on what has already been true for Solana over the past two years, there are reasons to be optimistic about her future.
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