Fred Krueger, a distinguished Bitcoin maximalist, has laid out a scathing critique of the highest 19 cryptocurrencies in a current assertion. Moreover, he emphasised why he believes Bitcoin (BTC) stays the superior selection for traders. Furthermore, he spotlighted the failings of high 19 altcoins, together with Ethereum (ETH), Solana (SOL), XRP, and Cardano (ADA).
Why Is BTC Superior To Top Altcoins?
Krueger started by addressing Ethereum and highlighted its important decline since 2019 when it peaked at 0.12 ETH/BTC. Moreover, he famous its present standing at 0.056 resulting from Ethereum’s declining development towards Bitcoin. In addition, the maxi identified Consensys ongoing authorized battles with the SEC over Ethereum’s standing.
Additionally, he highlighted problems with centralization related to ETH. Stablecoins like Tether (USDT) and USD Coin (USDC) additionally got here below hearth. Krueger argues that USDT presents no upside potential and fails to pay curiosity regardless of prevailing 5% rates of interest. In addition, he talked about that USD Coin (USDC) depegged just a few years in the past and has seen a decline in belongings below administration (AUM).
Binance Coin (BNB) is criticized because it’s a “highly centralized exchange coin.” Moreover, Krueger urged that its decline is inevitable as Binance faces regulatory challenges and its former CEO Changpeng Zhao (CZ) faces potential jail time. Similarly, Solana (SOL) is dismissed as a “completely centralized meme coin factory” liable to periodic shutdowns.
Furthermore, Krueger highlighted that SOL is down 40% towards Bitcoin since 2022 regardless of its current rally. Moreover, Ripple’s XRP is described as having “no actual use” and being primarily pushed by its promoters. Whilst, Dogecoin (DOGE) is labeled a “literal joke” with no redeeming options or important utilization.
Meanwhile, Shiba Inu (SHIB) is labeled a poor imitation of Dogecoin. Other cryptocurrencies like Toncoin (TON), Cardano (ADA), and Avalanche (AVAX) had been additionally criticized closely. TON is dismissed as a “Telegram coin” with restricted use and regulatory troubles.
Also Read: Bitcoin Transaction Volume Hits All-Time Low, BTC Price Drop Likely?
Bitcoin Maxi Takes Aim At ADA, NEAR & Others
In addition, Krueger describes ADA as a “useless PhD coin” promoted by somebody skeptical of Bitcoin’s future, hinting at Cardano founder Charles Hoskinson. Additionally, AVAX is deemed nugatory and underutilized. Krueger didn’t spare Chainlink (LINK), Polkadot (DOT), and Tron (TRX) both.
Furthermore, LINK’s utility is questioned, DOT is seen as overpriced and resting on its co-founder’s repute, and TRX is labeled a “scammy network” largely used for Tether transactions. Bitcoin Cash (BCH) is taken into account a “useless fork of Bitcoin.”
Whilst, Near Protocol (NEAR) and Polygon (MATIC) are criticized for his or her complexity, lack of customers, and poor efficiency. Moreover, Litecoin (LTC) is claimed to don’t have any use case and Krueger believes that it exists resulting from its early inception. Additionally, PEPE, a frog-themed meme coin, is ridiculed for its excessive market valuation.
In addition, Krueger concluded that these altcoins are “really jokes” as they collectively boast a market cap of $500 billion, which is nowhere close to Bitcoin’s $1.3 trillion valuation. His statements underscore his agency perception that BTC stays the one viable funding within the cryptocurrency panorama.
Also Read: 5 Top Catalysts That Could Propel Bitcoin Price Rally To $150,000
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