Adam Back, a renowned cryptographer and founder of Blockstream, delivers a pessimistic outlook on altcoins and urges investors to consider Bitcoin.
Adam Back's Prediction on Altcoins
Adam Back has predicted that alternative cryptocurrencies could fall in price by 90%. He states that the current market conditions indicate a lack of prospects for altcoins.
Investment Choices: Bitcoin or Stocks
Back urges investors to acquire either Bitcoin or stocks of companies that provide access to Bitcoin. He considers these investments safer compared to holding cryptocurrency tokens.
Current State of the Altcoin Season
The Altcoin Season Index currently stands at 12 out of 100. An altcoin season may occur if 75% of the top 50 cryptocurrencies outperform Bitcoin over the past 90 days.
In today's environment, Adam Back strongly recommends that investors focus on Bitcoin and companies operating in this space, as altcoins continue to show weakness.
