According to Titan CEO Clayton Gardner, as cryptocurrencies become more widely adopted, institutions' adoption of altcoins beyond Bitcoin will increase proportionally.
Gardner said that as the cryptocurrency space embraces wider adoption, he expects more institutions to skip Bitcoin and invest in other blockchains like Ethereum, Avalanche and Terra by 2022. He drew attention to the smart contract features of these networks.
Bitcoin traditionally did not support complex smart contracts, which are computer programs stored on blockchains, but a major upgrade in November could unlock even more potential. Gardner says:
“Bitcoin was initially viewed by many funds as a macro speculative asset and still is for many.”
However, stating that what solidifies the use case of BTC is its “store of value feature”, Gardner pointed out that it is not used as a “means of exchange” as it was originally intended.
“Institutions looking for a Blockchain that can generate utility and some intrinsic value over time might consider Web 3.0 and some other smart contract networks that enable decentralized finance to grow. Bitcoin is still one of the most secure Blockchains, but layer one beyond Bitcoin, layer two "I think their blockchain will handle most of the transactions and activities from NFT to DeFi. I think institutions are seeing that and I think this may be where they're going to move capital in the coming months."