Thursday , 18 August 2022

Bet On Bitcoin and Ether – The Other 18,758 Cryptocurrencies Are “sh*tcoins!”

Do you think Bitcoin adoption and ownership is going to go up over time, or down? Well, according to CoinMarketCap, some 18,760 cryptocurrencies are currently being traded on more than 500 different exchanges and, if a similar “dotcom bubble” were to burst right now, 99.99% of these “sh*tcoins,” as they’re called, would disappear overnight.

This version of the original article by Frank Holmes of usfunds.com has been edited [ ] and abridged (…) to provide you with a faster and easier read. Also note that this complete paragraph must be included in any re-posting to avoid copyright infringement.

#$$4$ At the moment, ownership is still relatively limited. In the U.S., for instance, only one in five people holds Bitcoin but, as its use cases become more obvious, and more people join the network, this figure should increase. This is what’s known as Metcalfe’s law.

Cryptocurrency Ownership by Country

Bitcoin’s critics say it has no utility and it’s wasteful. Warren Buffett calls it “rat poison squared.” The same type of FUD, which stands for fear, uncertainty and doubt, was being spread about the internet in 1995…

Just as they did back in the 90s, it’s the younger investors who seem to get it the most. The average user age of the commission-free Robinhood trading app is around 32. These investors have made Bitcoin the number one recurring buy asset on Robinhood—higher than Apple, higher than Tesla, higher even than broad-based equity index ETFs.

Bitcoin Is the Number One Recurring Buy Asset on Robinhood in 2022

…According to CoinMarketCap, some 18,760 cryptocurrencies are currently being traded on more than 500 different exchanges. If a similar “dotcom bubble” were to burst right now, 99.99% of these “sh*tcoins,” as they’re called, would disappear overnight.

Bet on the winners. For me, that’s Bitcoin and Ether. Everything else is pure speculation.

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