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.
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
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Comparing the cryptocurrency landscape to technological evolution, Krueger likened altcoins to outdated tech giants like AOL and Myspace.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.
Fred Krueger provided a series of arguments highlighting why he believes Bitcoin is the preferred cryptocurrency for long-term holding. According to him, the constant research required for altcoins, their complexity, and potential regulatory risks make Bitcoin a simpler and more reliable choice.
