Ethereum, the largest altcoin and Bitcoin had been battling for the first and second spots in the market capitalization ranking. The incredible rise of NFTs and DeFi has spurred waves of investment in Ethereum. This has led some industry players to believe that Ethereum could turn Bitcoin around by the end of 2022. However, some still consider Ethereum and Altcoins to be in the “scam” category.
Just outright scams
Max Keiser, host of the Keiser Report and co-host of The Orange Pill Podcast falls under this category. The said executive appeared at a Kitco News interview to portray his narrative.
The popular cryptocurrency strategist and former Wall Street trader was clearly not a fan of altcoins, despite the immense upside. Altcoins, and Ethereum in particular, were “pure scams” and would eventually cease to exist according to the interviewee. He stated:
“Every single day people are waking up to the fact that [altcoins] are just scams. They’re just outright scams. These DeFi projects routinely blow up, people are constantly getting blown up. [These protocols] are living in a grey area that’s outside of all regulation.”
Anything other than Bitcoin was not sustainable in nature and did not have characteristics like BTC, such as scarcity, decentralization, etc. Bitcoin, Keizer added, was the best solid monetary solution for mankind.
“Bitcoin solves a problem that humans have had for hundreds of thousands of years and that is a need to exchange value for value over space and time,” he added.
He saw the current state of bitcoin adoption as similar to the kind of early internet adoption. Finally, the use of BTC would be “pervasive”.
Rising above its competitors
Keiser used to hold gold but moved his holding to BTC and here’s the reason.
“Over the years we’ve had this discussion of bitcoin versus gold, and every year now the case for bitcoin trumps gold. This story is getting stronger and stronger. And by Therefore, some of the negative aspects of gold are more obvious and more worrisome,” he said.
Needless to say, he remained undeterred concerning the flagship coin regardless of the correction, now or in the past. He estimated a figure of $220,000 per Bitcoin as a 2021 target.
Obviously, that wasn’t the case in the real-life scenario. It was trading below the $50,000 mark at the end of last year. At press time, BTC was trading in the green zone. According to CoinMarketCap, it jumped 4% and was just below the $38 mark.
