Altcoins
Max Keiser: There Isn’t Anything Crypto Altcoins Do That Bitcoin Won’t Do
Nick Chong | May 31, 2020 | 22:30
Ever since the peak of the 2018 crypto bull market, Bitcoin has been front and center for most investors.
Bitcoin dominance — the percentage of the cryptocurrency market made up of BTC — has doubled from the 33% lows, while a number of altcoin projects have died out due to funding issues and a lack of public interest.
Even still, there remain thousands of projects cumulatively worth dozens of millions promising to be the “next BTC” or something along those lines.
But according to Max Keiser, the host of the “Keiser Report” on RT and one of the earliest Bitcoin bulls,” these projects have no intrinsic value.
Bitcoin Is Still Stronger Than Altcoins
Speaking in a recent interview with London Real, Keiser doubled down on his long-held sentiment that altcoins provided little (if any) value over Bitcoin.
In response to the interviewer Brian Rose’s question if there is any cryptocurrency “complementary to BTC,” Keiser said no.
He explained that there is “no coin out there that can do something that Bitcoin doesn’t do already or will be able to do shortly.” Bitcoin’s security, with a majority of the hash power and the majority of the crypto market share, also makes it a better bet than altcoins, Keiser added.
.@HeisenbergCap Co-Founder explains why alt-coins are disappearing and why #Bitcoin will overtake Gold https://t.co/DVumGlgfzp
— Heisenberg Capital (@HeisenbergCap) May 28, 2020
It’s a Common Sentiment
Keiser isn’t alone in touting the sentiment that altcoins still pale in comparison to Bitcoin despite the technical developments and the billions of dollars worth of funding.
Kevin Rose, a co-founder of digital media site Digg and a general partner at True Ventures, recently told TechCrunch the following:
“The problem is that 99% of the projects out there and a lot of the people who are behind them are just in this for the pure financial gain. And there’s a lot of garbage out there. And that’s unfortunate because it really drags down the high-quality projects, and it muddies the space quite a bit.”
Rose led Google Ventures’ investment in Ripple that took place in 2013.
Stock trader/analyst Steve Burns, who has a following of over 200,000 on Twitter, echoed this sentiment. He said that he thinks “99.9% of altcoins are going to $0 [… over a] buy and hold timeframe,” adding that he thinks so because “they have zero value.”
There is technical evidence to suggest that Bitcoin will outperform altcoins, too.
Per previous reports from Bitcoinist, Josh Olszewicz, a Brave New Coin crypto analyst, observed on May 15th that Bitcoin’s dominance chart printed a textbook golden cross.
Chart from Josh Olszewicz (@CarpeNoctum on Twitter), a crypto analyst at Brave New Coin. The chart is of Bitcoin’s dominance printing a “golden cross” formation.
Featured Image from Shutterstock
