The post Renowned Economist Blasts Altcoins, Explains Why He Prefers Only Bitcoin appeared on BitcoinEthereumNews.com.

Economist Fred Krueger has taken a firm stance on the ongoing Bitcoin vs. altcoin debate, explaining why he believes Bitcoin is the only cryptocurrency worth holding for the long term. In a recent statement, Krueger laid out a series of arguments highlighting the risks and challenges associated with altcoins while praising the stability and long-term potential of BTC. Altcoins Are Losing Value Against Bitcoin Over Time Krueger noted that historically, most altcoins have failed to maintain their value compared to Bitcoin. He cited Ethereum’s peak in 2017, noting that its value relative to Bitcoin has fallen significantly since then. He said the same is true for other coins like Litecoin, EOS, and almost every cryptocurrency released before 2020. Surviving Bear Markets Requires Faith, According to Fred Krueger Krueger emphasized the importance of “diamond hands” when investing in Bitcoin, or the ability to hold onto investments during downturns. He argued that altcoin holders are more likely to panic and sell during market declines, and that this can happen at any time. He says BTC has created stronger conviction among its investors. Altcoins Are Going Out of Fashion Comparing the cryptocurrency landscape to technological evolution, Krueger likened altcoins to outdated tech giants like AOL and Myspace. Bitcoin, he said, is immune to such obsolescence because it was created as the “perfect money” and remains so today. Researching Altcoins Is a Full-Time Job Krueger noted that hundreds of new altcoins are minted every day, and that constant research is required to properly evaluate them. For most investors, this is an unnecessary burden. He suggests that simplifying the investment strategy by focusing solely on Bitcoin would eliminate this time-consuming process. Most Altcoins Are Scams Krueger did not hold back in his criticism of the many altcoin projects he claimed were outright scams, citing infamous…

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Filed under: News - @ September 29, 2024 7:20 am