Renowned economist Fred Krueger has made his position clear in the ongoing debate between Bitcoin and altcoins, explaining why he believes Bitcoin is the only cryptocurrency worth holding long-term.
Altcoins Lose Value Over Time Compared to Bitcoin
Krueger pointed out that historically, most altcoins have failed to maintain their value against Bitcoin. Referring to Ethereum’s peak in 2017, he highlighted how its value has significantly dropped compared to Bitcoin. The same can be said for other altcoins like Litecoin and EOS, as well as many cryptocurrencies launched before 2020.
Surviving Bear Markets Requires Strong Belief
When investing in Bitcoin, Krueger emphasized the importance of having “diamond hands”—the ability to hold onto investments during downturns. He argued that altcoin holders are more likely to panic and sell during market declines, whereas Bitcoin investors have a stronger belief in the cryptocurrency’s long-term potential.
Altcoins Are Like Outdated Tech
Krueger compared altcoins to outdated technology giants like AOL and Myspace, stating that while Bitcoin was designed to be the “perfect money,” most altcoins are susceptible to becoming obsolete over time.
Altcoin Research Is Time-Consuming
With hundreds of new altcoins minted every day, Krueger noted that researching and evaluating these projects can be a full-time job. He believes that by focusing solely on Bitcoin, investors can simplify their strategy and avoid the burden of constantly analyzing new coins.
Most Altcoins Are Scams
Krueger didn’t hold back in his critique of what he called outright scams in the altcoin space. He referenced notorious examples like SafeMoon, Bitconnect, and Celsius, warning investors about falling prey to such fraudulent projects.
Fred Krueger has made a clear choice in favor of Bitcoin over altcoins, arguing this based on Bitcoin’s historical resilience, the belief of its investors, and the risks and difficulties associated with altcoins.
