If we go by the words of IOHK and respected Cardano (ADA) lead figure – Charles Hoskinson, as he mentioned that every coin should be positioned in their potential respectively place, the crypto-verse would look very differently today.
Equal to your Potential
“Why is anybody worthy of their positions in the market cap? Bitcoin is advertised as a payment system and a means of exchange, and then everybody who’s ever tried to use it for that, it’s been a miserable failure. They usually stop taking it, or they find ways to take cash, and through a creative structure like what Bitpay has done. Ethereum claims to be a world computer, but then CryptoKitties breaks it.”
That comes from the sole idea that as time passed and the existing traditional financial issues (which is the sector that the crypto-tech deals most) were not dealt with, more coins were introduced that brought platforms which could possible overcome and fix various problems.
The pioneer and first gen of coins Bitcoin is in the lead and dominating the cryptocurrency industry heavily, but its adoption or use cases is nowhere near the its position.
Jordan Belfort, aka, the “Wolf of Wall Street” believes that Bitcoin, the top-ranked cryptocurrency is going to evaporate. The former penny-stocker broker who was pleaded guilty to fraud charges in 1999 is no stranger to espousing negative rhetoric about Bitcoin and the cryptocurrency market in general.
“I was a scammer. I had it down to science, and it’s exactly what’s happening with bitcoin. The whole thing is so stupid, these kids have gotten themselves so brainwashed.
This thing [Bitcoin] is going to evaporate like a mirage. There’s a lot of really honest people who are going to get slaughtered.”
Speaking to CNBC as part of a documentary titled “Bitcoin: Boom or Bust,” Belfort expressed his staunch belief that BTC investors were heading for a sad end. According to Belfort, BTC is the next great scam that would render many people penniless after the bubble bursts.
If anything by that standard goes by while other coins are not impacted that heavily to the negative while additionally BTC does not find any use, then it could mean that it has to step aside. The same end might not be the same for the following altcoins if Bitcoin evaporate as their utilization is happening today all over the world, and many giant leading tech firms and financial institutions are already testing them. That could mean a point of Ethereum to step in and take a lead. Fitting of its position.