As Altcoins Rally, Blockstream CEO Says Bitcoin Is the Only Crypto
Even compared to Bitcoin, altcoins have done well for themselves over recent months.
As one crypto data analyst observed early last month, BTC has actually underperformed small cap, medium cap, and large cap altcoins. Some argue that this a byproduct of better technology; others say that altcoins were oversold and are seeing a needed relief rally.
Despite their outperformance, a prominent industry executive has reminded investors that he thinks there’s only one crypto. And that’s Bitcoin.
Blockstream CEO Says There’s Only One Crypto
The chief executive of Bitcoin infrastructure firm Blockstream, Adam Back, said on June 30th that there is only one crypto.
According to the programmer and cypherpunk, quoted in the Bitcoin whitepaper by Satoshi Nakamoto, that cryptocurrency is BTC.
There is only one crypto: #bitcoin
— Adam Back (@adam3us) June 30, 2020
The sentiment the industry executive shared has been echoed by many other prominent market participants.
Max Keiser, the co-host of the Keiser Report and one of the earliest public Bitcoin bulls, has recently doubled down on the idea that altcoins have zero value.
Per previous reports from Bitcoinist, Keiser recently told London Real’s Brian Rose the following on the value proposition of altcoins: “There is no coin out there that can do something that Bitcoin doesn’t do already or will be able to do shortly.”
Due to this, the investor expects 99% of the crypto market’s capitalization and hash rate to soon be made up of Bitcoin.
“Alt-coin and hard fork supporters are fact-resistant. I just let the market do my talking for me #Bitcoin’s market cap, hash rate, and volume all heading to 99% of ‘crypto’ market,” Keiser explained.
Also bearish on (almost all) altcoins is one of the world’s most prominent venture capitalists, Jason Calacanis. The angel investor in Uber, Robinhood, Trello, and other firms said last month that “historically, 99% of crypto projects are garbage run by unqualified idiots.”
His Bitcoin Outlook
Back’s assertion that Bitcoin is the only cryptocurrency represents but a portion of his optimistic outlook about the asset.
The programmer told Bloomberg at the start of June that BTC is on track to hit $300,000 within the next five years. This would mean the cryptocurrency rallies in excess of 3,000% from current levels.
He attributed this sentiment to the growth in money printing and the idea that bonds and real estate are overvalued compared to BTC.
Back didn’t mention this in the interview but he is a proponent of the Stock to Flow Model by “PlanB.”
The contested econometric model predicts that because of Bitcoin’s halvings, the cryptocurrency will likely reach a valuation of $100,000 by 2021 and $500,000 in ~2025. On criticism for the model, Back once said:
“It’s just a back tested curve fit to historic data, affirmed by co-integration stats test. What’s not to believe? More interesting is interpreting why, given good fit. It does seem logical that rate of supply halving, other things being equal, would tend to drive up price.”
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