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Altcoins may die at BTC rallies
While several calls for the death and death of Bitcoin were launched, BTC once again outperformed its encrypting peers, recording gains when altcoins suffer. At the time of writing, Bitcoin's dominance is at 55.8 percent, compared with lows of around 35 percent at the peak of the 2018 bubble.
A venture capital group, Heisenberg Capital, led by Max Keizer and Stacy Herbert, supporters of the anti-establishment and early adopters of cryptocurrency, believes that the hegemony of Bitcoin could continue to grow.
In a recent tweet, venture capitalists, who allegedly allocated capital to Kraken, ShapeShift, Abra, Bitfinex, among other industry figures, said the market had started rejecting everything at the time. except for BTC. This has apparently been the case. As previously explained, the so-called "crypto winter" of 2018 has allowed Bitcoin to recover market share on altcoins, most of which had been overvalued and overvalued dramatically in early 2018.
Heisenberg corroborates this, even suggesting that he thinks altcoins again We have some viable use cases or a lack of solid value proposition when he wrote: "As BTC gets closer to our target of 100,000 USD for 2011, we think that everything but the BTC will die ".
The story would agree with this analysis.
The majority of the top 20 cryptographic assets of 2013 have virtually disappeared, and new projects like Ethereum, Monero and EOS are eliminating Namecoin, Peercoin and Feathercoin, all of which were the cream of the crop in their day. Not only have these little-known projects disappeared from public memory, but some have totally abandoned, their symbolic values being disappearing from the surface of the Earth. While many new Blockchain projects have more resistance than their predecessors, many commentators, such as Blockstream's Samson Mow, are convinced that the story will rhyme … eventually.
What will drive Bitcoin beyond $ 100,000
This raises the question: what will make Bitcoin exceed $ 100,000? Well, according to Keizer, this will have a lot to do with the underlying characteristics of Bitcoin. In an interview with Allen Scott of Bitcoinist at the end of last year, the investor noted that the Bitcoin protocol itself is a "genius", alluding to the controversial view that the nature of the first blockchain in the world replaces the price. Saifedean Ammous, for example, has consistently called BTC, "the hardest money in the world," evoking his character as a decentralized, borderless, censorship-resistant, and rare asset that easily evacuates species issued by the government in various forms.
It is interesting to note that the interviewer then drew attention to the fact that the majority of industry participants viewed BTC as a "risky asset," thus depreciating the perception that BTC was essentially the second-largest global entrant but in digital form. However, Keizer added that this is actually wrong.
Keizer explained that BTC, like gold and the traditional fiat, is a "risk free" asset. And as such, he exclaims that once the market in general becomes aware of this fact, which has been hidden under the radar, the first cryptocurrency in the world could surpass its highest record of the moment where capital flight will occur to BTC. He explains further:
"Bitcoin is the monetary black hole that will engulf the entire fiat and rise to more than $ 100,000. But humans themselves could never see that day. "
Image title Courtesy of catalog thinking via Unsplash
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