Bitcoin is looking pretty healthy today at $10,700, and new reports are showing how some analysts believe it’s time to ditch the altcoins and invest in the cryptocurrency front-runner.
Even though Bitcoin is down 10% in September, there’s a lot of sustained bullish activity around the coin right now.
Today, Zack Voell at Coindesk reports on Galois Capital co-founder Kevin Zhou and Three Arrows Capital co-founder Kyle Davies pumping BTC excitement, with Davies saying a DeFi rush undervalued Bitcoin. Voell uses altcoin indices to prove a point.
“As Q4 approaches and returns for altcoins have started to cool off, some professional cryptocurrency traders are betting on significant upside for bitcoin amid continued downside for altcoins,” Voell writes.
As early as September 17, Joseph Young at Cointelegraph was looking at the Bitcoin dominance index, revealing similar sentiments, and quoting Adam Curry on Joe Rogan:
“Let me tell you,” Curry reportedly told the eclectic host, “the apocalypse is coming and you’re going to need a Bitcoin. At least one.”
There’s a very simple argument here that some people have for Bitcoin – that past is prologue, and the original rise from several hundred dollars to today’s current value is a precursor to the kinds of wild jumps we’ll see in the years to come, where enthusiasts are looking at $20,000, $50,000, $100,000 and beyond.
“I was very anti-Bitcoin,” Curry says in the interview, “until I sold a (expletive) load of them at $900, and I could have (made a lot of money).”
There’s also the concept of Bitcoin’s durability in volatile and strange market scenarios, as mentioned by none other than Anthony “The Pomp” Pompliano in a recent interview this way:
“The computer network that runs Bitcoin is stronger than anything in the world. No government, nobody can hack it because it is the strongest computing network in the world…”
But then there’s also the specific argument that altcoins and stablecoins have dragged too much energy away from Bitcoin, unbalancing the crypto market, and that it’s time to centralize investments behind a global favorite.
What do you think?