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Crypto-fintech expert and industry veteran Keith Bliss, the president of fintech solutions provider company Capital2Market, believes that Polkadot, the ninth-largest cryptocurrency in the market, may witness significant growth in the next three years.
Keith Bliss: A Veteran in the Industry
Keith has remained associated with the fintech industry since the late nineties. At the beginning of his career, he sold time-order-management systems. The large buy-side asset managers were Bliss’s clients. Gradually he moved on to the dealings of electronic trading systems. These systems created a link between the institutional buy-side players and the sell-side players, facilitating seamless equity transactions for Wall Street.
Bliss has been a witness to the fintech industry’s gradual growth. His experience in the industry makes him optimistic about the evolution of cryptocurrencies and the process of asset tokenization. But his reasons to believe in Polkadot’s potential growth story go far beyond the general hopefulness around the crypto industry.
The Factors Driving Polkadot’s Growth
Keith believes that Polkadot will grow in the imminent future as a competitor to Ethereum. To back his claim, Bliss cites the growing inclination among developers to turn to Polkadot as a foundation for building their platform. But why is it so?
As we know, Ethereum, unlike Bitcoin, is seen more as an enabler of application development than as a store of value. Its smart contracts and other technological benefits have immensely helped DeFi to grow in applicability and usage. Yet, when developers develop something on Ethereum, the additions get coded right onto its blockchain. With a growing number of applications, these coded additions stunt the transaction speed of Ethereum and take a toll on its scalability.
Polkadot solves this problem through its bridges. Polkadot can connect with other blockchains through bridges. Such a bridging system allows developers to work with their applications without building right into Polkadot’s main blockchain. Resultantly, Polkadot retains its scalability. However, Bliss does not believe that these advantages would make Polkadot replace Ethereum, as Ethereum already has a much higher adoption rate and is working on future upgrades. But, Polkadot will emerge as one of the strongest competitors of Ethereum.
Estimating the Future Price of Polkadot
On one hand, Polkadot is a new entrant in reputed exchanges like Coinbase. It also does not have products like Ethereum ETFs or ethereum futures. But, at the same time, it has parachains, independent blockchains that connect to and run off its network. These parachains can attract developers in bulk to turn towards Polkadot as their preferred DeFi application protocol. As the developer pool grows, the Polkadot ecosystem can continue to prove that it’s here for the long term.