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The CEO of BitGo has issued a warning that Bitcoin (BTC) may someday be replaced by a "materially better" currency


Bitcoin (BTC) will eventually be replaced as the top digital asset, according to Mike Belshe, the chief executive of crypto custodian BitGo.

Belshe says in a new interview on Kitco News that digital assets are “here to stay,” but he acknowledges that Bitcoin might not always be the flagship asset for the sector.

“Bitcoin is the best form of money we’ve ever had, but it doesn’t mean that it’s going to be the best form of money that we ever will have.”

Belshe compares BTC to Amazon. The CEO argues that it would be possible to build a “much better” version of Amazon, but he also notes that it would be very difficult to supplant the e-commerce giant because of its size and network effect.

“Bitcoin could end up there, where the network effect carries the value and it makes it really hard to replace. All that means is you’re not going to replace Bitcoin with something that’s only a little bit better. It’s going to have to be materially better in order to replace Bitcoin. And someday that’ll come.” 

BTC is trading at $26,254 at time of writing. The top-ranked crypto asset by market cap is up 0.28% in the past 24 hours.

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