Fold, the chief executive officer of Bitcoin financial services company Fold, has issued a warning against altcoins. He says that Bitcoin’s dominance on the market is not something that is going to change.
Will Reeves, CEO of Fold and CNBC Television said that the recent all-time new high for crypto assets based on market capital was due a combination high demand from institutions combined with low supply.
This is what happens when demand exceeds supply. We’re witnessing the impact of supply shock.
I would say that we’re seeing the basics of Bitcoin at work…
We’ve recently seen that with the rise in Bitcoin Treasury Companies, ETFs (exchange traded funds), we have completely new capital classes investing into the asset. We’re witnessing what happens when billions of dollars knock on the door. The price goes up.
Reeves believes that the appetite of the market for BTC is going to cause it to rise irreversibly in dominance. This will leave many altcoins fighting for capital.
“Frankly speaking, I believe [altcoins] are speculative. Bitcoin dominates the market at 60 percent and is rising. What we are seeing, I believe, is a trend that will lead us to the signal asset. Bitcoin is currently the only digital asset in existence that can be considered neutral.
Bitcoin’s track record is still the best example of how other tokens can be used. What we see today is Bitcoin’s continued dominance of the entire market.
Bitcoin was trading at $117.613 as of the time this article is written, which represents a flat day. Bitcoin dominance (which measures the percentage of total crypto-market cap that belongs to BTC) is currently at 64.58 %.
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The post Fold CEO Warns Altcoins to Remain Speculative and Says Bitcoin Market Dominance is ‘Something that Cannot Be Reversed” may be updated as new information becomes available.
