Bitcoin Dives! Why I Remain Bullish + Tron Rant

Bitcoin has taken a dive, dipped its toe at $14k and is still treading around $15k at the time of writing this. Many of you have sent me messages and left comments asking if I still see Bitcoin at $23,000 in the cards. While I don’t pretend to know what will happen next, the thesis is still in tact for Bitcoin to go on a nice bull stretch as the dominance figure is still in the 30% area.

Steemit Post: https://steemit.com/bitcoin/@cryptovestor/bitcoin-dives-why-i-remain-bullish-tron-rant

I still suspect this will increase to 45 – 50% as we see the end of the altcoin cycle. Coindesk had a great article (https://www.coindesk.com/weathering-altcoin-shitstorm-investing-next-one/) which discussed these cycles and how the cryptocurrency market has become a big penny stock casino.

Many people tout that smaller altcoins are better investments than Bitcoin or Ethereum because return potential is far higher, but they almost always disregard risk and probabilities (generally falliciously arguing that the worst that can happen is that your investment goes to $0, but could go to infinity too which completely ignores probability).

Right now, the market is pumping assets indiscriminantly as we see everyone trying to jump into the next spike. Tron is a perfect example of a cryptocurrency that is extremely overvalued and overhyped. Everyone invests because of Justin Sun, who is as silver-tongued as they come. The white paper is obtuse (meaning it struggles to communicate what Tron actually does) and fanatics point out that Tron has a long-term plan, when more realistically it just sounds like they have no product and won’t for a long time. Most of the price is built around hype on a potential partnership with Alibaba because Justin Sun was a “protege” of Jack Ma and poached some talent from the behemoth (likely other greedy individuals who see how wealthy crypto can make them). Take my money!

Don’t like what you hear? Well unfortunately this is the case for a lot of cryptocurrencies. This is the time to be selective and find cryptocurrencies which actually have a use-case that is suitable for blockchain (or DAGs), because in the event that the altcoin cycle ends, we’ll see “higher quality” altcoins fare better than their hyped brethren.

While I will be the first to tell you Bitcoin is overhyped as well and reality is far from where expectations are now, at least it has substantial community and developer support along with a long, battle-tested history which almost no other cryptocurrency can claim. Perhaps even more importantly, average Joe actually knows what Bitcoin is while most of the general public hasn’t even heard the word “cryptocurrency.”

All in all, the altcoin cycle will come to an end as it always does. We don’t know when that is, but don’t be fooled by the idea that superior tech wins. I could rattle off a dozen examples … Betamax, Dvorak keyboards, Atari, etc. There are many other factors that go into play and Bitcoin has many of those on its side: Expect a video on that in the future.

For now, the important part is that if you want exposure in this market, Bitcoin is the place to be. Oh and a super brief update on Ethereum: I converted more into Bitcoin as we (very) rapidly hit my price target of 0.075 – 0.08 BTC. The rest I will hodl – no further price targets. Thank you for watching and let me know your thoughts in the comments.

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