Bitcoin Dives! Why I Remain Bullish + Tron Rant

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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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Comments

Crypto Investor says:

Yes, I'm still bullish on Bitcoin. Yes, I think Tron is a horrible long-term investment. How can it fight for the users when it has none (Go ahead, tell me all about Peiwo)? I converted some Ethereum into BTC because it reached my price target – hodling the rest. Summed up vid for you in 5 seconds. Come discuss with me here: steemit.com/bitcoin/@cryptovestor/bitcoin-dives-why-i-remain-bullish-tron-rant. Want live updates? Check out my Twitter: twitter.com/Truth_Investor.

Joker J says:

HE'S BACK!!!! Lol

Shift All says:

what do you think about VIBE ?

Jamal Jamal says:

This is probably my first youtube comment. I've been following your videos for a while and it's been helping me understand why the crypto market fluctuates. Looking at some of the comments below it's really laughable. I'm not even gonna dig into ripple and tron, i've read their whitepaper a while ago, while i see tron developing as a technology within 3-4 years ONLY IF they stick to what's in the whitepaper. I'm allergic to projects that have pictures of their CEO's surrounded by logos of what they or where they were mentioned, pure bullshit.

I'm right now bullish on nothing but bitcoin and ethereum . Bitcoin I remain bullish on it simply because of the work being done on it by A. Antonopoulos. Andreas has been talking about bitcoin since your average commentator below was still watching sunday morning cartoons. Ethereum , if the the current market remains the same, and if governments don't start throwing stones, I see it going up in value, simply because of the technological value it has.

Keep up the good work.

Travelingman 1980 says:

Why are you bullish? Easy, you are shilling your own bag. A thesis can be intact whether true or false, means nothing without a time or date. Ths rest is crystal balls.

Jonah DeleseLeuc says:

Look at the bitcoin price charts. Look at what traditional bubbles look like. It looks exactly the same way, don't buy bitcoin. Don't buy any cryptocurrencies, IT'S A BUBBLE.

七千转 says:

After I watched Justin Sun's livestream, i would not touch Tron even with a ten foot pole

Jeremie Fisher says:

i'm really curious to hear what this guy has to say now that bitcoin is around 12k

Scoutwithoutclout says:

interesting. i just came to a 22k prediction in the next week and youre the only other person who ive seen sayng a similar projection. thats fantastic. 13/14k is the new bottom and futures pressure has pushed it as low as it can. all actions have an equal and opposite reaction.

secondly, what happend last time btc dominance got low? (never this low btw)
1.(jan14-jun14)
2.(jan, jul 16)
3. (July 17)

bitcoin exploded. theres no doubt in my mind alt coins are crashing and bitcoin is about to moonshot. youre a noble man for putting this out there

Julian Thompson says:

It seems like altcoins have peaked but people are actually just moving into ethereum instead of bitcoin.

Freddie Molyneaux says:

Great video, I'll be subscribing for sure. Can I just suggest one thing, it would be awesome if rather than complaining about the coins you dislike, you let us know which ones we should invest in, besides BTC of course.

Hugo Wong-Berard says:

what r u doing with salt?

Cyber Command says:

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Bob Landers says:

A voice of reason.

no.0221 says:

You are gonna hold for 10 yrs? That is great. I hope the channel lasts for 10 yrs too.

Adamous says:

Bitcoin dominance will gradually diminish over time. Over the course of the past year, people have learned a great deal about alt coins and their technologies, trusting in their investment because of it

sk8termatt says:

Do you think Litcoin will pump with Bitcoin when the market switches?

WhatsGoingOn1991 says:

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P.S. DONT BUY BINANCE ACCOUNTS ON EBAY ETC! THEY WILL CLOSE THOSE ACCOUNTS IF THEY FIND OUT!

TheDragonflyDoji says:

i like your thinking here… but it seems to be ETH that is sucking up all the alts.

Alex B says:

Console vs PC

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