8/07 ANDY HOFFMAN (CryptoGoldCentral.com): Max Keiser’s “Death Of Altcoins” Is Hyperbole, Though Most Of TODAY’s Coins Will Unquestionably Die
Max Keiser is one of the heroes of Bitcoin – who has believed from the beginning, and educated those who would listen since at least 2011. Moreover, he has morphed from someone open-minded about altcoins to a full-blown maximalist – which is fine, as Bitcoin still has the best reward/risk profile in the crypto space.
He has for years predicted Bitcoin could go to $100,000 – a reasonable expectation, as $2 trillion is still a small market cap in the context of global finance. Heck, gold, whose use case has been entirely usurped by Bitcoin, has a market cap of roughly $8 trillion.
https://twitter.com/maxkeiser/status/1143942058870075392
He’s even – RECENTLY - said $1 million per Bitcoin is possible, though that could only occur if Bitcoin usurps legacy asset classes like stocks and bonds…as otherwise, adding $20 TRILLION of market cap will cause far worse inflation than the world is suffocating from today. Not to mention, the altcoin inflation that would accompany it, even in a highly Bitcoin-centric world.
https://www.bitcoinsections.com/1-million-bitcoin-price-no-longer-off-the-table-max-keiser/
I have maintained from day one that trillions of dollars will enter the crypto space as the Digital Age unfolds – mostly, but not all, in Bitcoin. There will simply be too many use cases for Bitcoin to be the only major cryptocurrency - though of course, it will unquestionably be the largest.
The problem is, that as I have written for two years – essentially, since altcoins proliferated – TODAY’s crop of altcoins is for the most part, useless. So, when Max predicts most altcoins will die, as Bitcoin dominance rises to 80%, I cannot disagree one bit.
However, 20% of a very large number is also a large number. Thus, if we hit his near-term target of BTC $15,000, and 80% BTC dominance, 20% of the total crypto market cap will be $67 billion. This, compared to today’s BTC price of $11,500 with 68% dominance – yielding an altcoin market cap of $97 billion.
Still, a large amount of money – let alone if his $28,000 intermediate-term target is reached, in which even 90% BTC dominance yields an altcoin sector valued at $56 billion…and at 20%, $122 billion.
I agree 100% that the era of Bitcoin forks is over – as to date, not a single one has added value. Nor have the vast majority of other altcoins, or ever will. However, as noted above, Bitcoin cannot be everything to everyone – and if in fact the Digital Age yields dramatic changes to the way the world does business, other coins will succeed, too.
Some, like Bitcoin Rhodium, have use cases that make sense in such an environment, but are not yet known to the broad crypto universe (principally, because it has not yet been listed on major exchanges, which its anonymous devs have made their TOP short-term priority). Meanwhile, others – like soon-to-be-launched MWC - are based on superior technology to Bitcoin – that like it or not, WILL play a significant role in the future, whether Bitcoin adopts it or not.
So, while I agree 100% with Max’s assertion that most altcoins will die, the altcoin sector is not going away – and in time, will be back in favor, for the handful of coins that actually serve a purpose. Whether Bitcoin rises to 80% dominance, or higher, is anyone’s guess – but even at 90%, coins that add value, in the unfolding Digital Age, can be big winners.
Lots of people are arguing about which crypto or which asset class is the best to hold your wealth inside. Why not diversify your wealth across a few major cryptos (BTC, ETH, LTC and BCH), precious metals (physical gold and silver), and farmland. Hold onto your cash for daily expenses and ignore noises in the social media.