Every four years or so, bitcoin’s seemingly cyclical nature rears its head and the rise of another bull market begins. There are headlines across mainstream media outlets boasting massive price action, and droves of people start coming out of the woodwork to claim that they have been long on bitcoin for years! However, there is also another, more nefarious cyclical event that inevitably surfaces as well. The seemingly irresistible allure of alternative cryptocurrencies, tugging at the minds and wallets of individuals who are looking to recapture what bitcoin has achieved.
Those who think they have missed out on bitcoin begin looking to compensate by finding the next big thing, because they are plagued with the mindset that they somehow have “missed out” on bitcoin. There’s no shortage of these dubious crypto assets that claim to be able to unseat bitcoin. They might declare to have faster transactions, cheaper fees or that they are capable of more complex applications. There are literally thousands of these coins, and they have all failed to dethrone the king for 12 years running.
The truth is that none of them are even close. In actuality, when you look deeper than surface level, they are illiquid, insecure, centralized copycats perpetuated by bloated marketing budgets, seeking out dummies with deep pockets. They chase the wrong metrics, and are built with flawed incentive structures. Do not fall for the siren’s song. The reality is there is only one “investment-grade” digital asset — Bitcoin.
“100 out of 100 of the last conversations I’ve had with investors seriously looking to allocate, let’s say over 50 million dollars, 100% of those conversations have been about Bitcoin and 0% of them have been about any other crypto asset.”
Crypto Copy Cats Will Continue To Fall Short
Silicon Valley startups go to sleep at night, and dream about building something that captures the massive returns that bitcoin has…