Rivalries develop as Tether pushes to overtake Ethereum in 2021

The report predicts the stablecoin is headed for dominance next year and already the Q4 2020 outlook looks promising for USDT.

According to Senior Commodity Strategist Mike McGlone, 2020 is just a prelude to what is to follow in 2021 when Tether is tipped to really make it mark on the industry.

Tether's market cap jumped rapidly from $4.1billion previously to $15.7 billion in October marking an unprecedented growth.

According to McGlone, the only way to stop the rise of Tether is to introduce some significant obstacles where the adoption would be impossible.

Yet, not everyone agrees with that prediction.

Crypto insider Adam Back has responded promptly by arguing that Bitcoin (BTC) may be the sole benchmark to follow insofar as cryptocurrencies are concerned.

He further added that he was an endorser of stablecoins but he didn't prioritise them over Bitcoin, pointing out that such a strategy would be largely unsustainable and at a higher risk of failure.

However, the report had something to say about this as well.

“Bitcoin could continue doing what it has for most of its nascent existence, appreciating in price on the back of increasing adoption, but at a slower pace,” Mr. McGlone's surmise read.

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Written by David

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David is co-founder of CryptoGamblingNews.com, and has worked in the crypto gambling space since 2015.