The well-known Bitcoin bull Max Keiser, famous from the Keiser Report, recently spoke with CNBC. In the interview, Keiser said that the cryptocurrency market rally will exclude altcoins. Instead, all the crypto market value will reportedly flow into Bitcoin.
Keiser: Value will flow into Bitcoin
These somewhat controversial statements come as the cryptocurrency market has taken a slight dip. As some are debating whether the cryptocurrency market is just consolidating its gains before the next crypto bull run, Keiser’s statements come as a shock.
Specifically, Keiser notes that the cryptocurrency space is continually developing. For example, Keiser raises the adoption of the Lightning protocol and Segregated Witness (SegWit) as factors that make people better understand the store of value of Bitcoin.
This, along with a better understanding of off-chain scaling, are supposedly reasons making people move their funds back into the “most secure chain”, i.e. Bitcoin. However, Keiser argues that this comes at the expense of smaller altcoins. Moreover, he argues these altcoins are practically “finished”.
“No, there won’t be one [an altcoins bull run],” Keiser answered when asked about the potential for altcoins gains. In fact, Keiser projects that altcoins may “go to pennies” as investor are increasingly going to allocate their funds to Bitcoin.
“Altcoins are finished”
“Bitcoin Cash, the Roger Ver abomination, is going to ten bucks. Bitcoin Satoshi Vision, from Craig Wright, that’s going to ten bucks. Most, or all of these altcoins, are going to pennies, or they’re going to go out of existence, because all of that cash is going to flow to Bitcoin.”
Keiser further argued that the market dominance of Bitcoin would increase. What’s more, he also remarked that the “altcoin phenomenon is finished”.
“Look, the dominance index – and it’s the sixty percent again – it’s going, yeah, it [the market dominance of Bitcoin] is going to eighty percent, back to eighty, ninety percent. That’s where that’s going. And because that’s the only logical place for anyone who wants to be in crypto to be. And, the short answer is, in my view, the altcoin phenomenon is finished.”
Notably, this is in-line with a recent market forecast by veteran trader Peter Brandt. In it, Brandt predicted that while Bitcoin will continue to grow, altcoins will not feel the effects of this bull run. Nevertheless, it remains to see whether altcoins are indeed really “finished”.
Image Source: CNBC
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the blockchain industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.