Coming to Bitcoin’s defense was Adam Back, the co-founder, and CEO of Blockstream who expressed that Bitcoin was the choice of cryptocurrency for a lot of people in the space, even though they would not admit it.
According to Back, being a multicoiner closet Bitcoin was similar to being pro-BTC because of the reach and actual use cases that the world’s largest cryptocurrency possessed. He opined that all those who dabbled in altcoins and continued to trade were ‘closet pure-BTC’. The term that he used was in connection to alt-coin communities repeatedly stating that being ‘pure-BTC’ would not allow in democratizing the internet. Back’s tweet read:
Pro-BTC = multicoiner closet bitcoiner.
Thesis: most who trade & talk up alts, even alt founders, are actually closet pure-BTC, as while they talk their books, they are just doing so to increase their Bitcoin holdings.
Some may protest that they believe in a multicoin future,
— Adam Back (@adam3us) January 9, 2020
Adam Back’s statements were supported by before considers that indicated Bitcoin’s lion share in the cryptocurrency market. Take Bitcoin’s market cap for example. BTC’s market cap at press time was $140.487 billion and its next begin competitor only had a market cap of $14.805 billion
The stark difference first placed Bitcoin and second place Ethereum was one of the major reasons why the competition is skewed. The Blockstream official further solidified his argument for Bitcoin by adding that no amount of technological leaps undertaken by alts will offset Bitcoin’s popularity.
Back continued to back his comments by tweeting a constant strong of tweets. He gave his two cents on why traders need to function using a ‘skin in the game policy’. If a isn’t happy to hold their altcoins for an all-inclusive period like 10 years, at that point they were basically gathering Bitcoin, he said.
The war between altcoins and Bitcoin has been going on for a long time now and 2020 seems to have reignited the flame because of the hyper ‘altcoin surge’. This so-called phenomenon is supposed to elevate the price of major alts such as Ethereum and XRP, although such an event is yet to be seen. Long term altcoin holdings were shot down by Adam Back because of market theories that suggest they would lead to losses after approximately 6 months.
The general pattern in the altcoin industry points to momentum-based short trades. Analysts across periods of time noticed that unlike Bitcoin, which can chug along slowly, altcoins swing much wilder. This was the reason why Bitcoin was branded as ‘Digital Gold’, a hat tip to the cryptocurrency’s ability to remain relatively stable.
