Altcoins Won’t Return, Bitcoin Will Reign
CoinTelegraph recently sat down with Tone Vays, a former traditional markets trader turned Bitcoin (BTC) diehard, to talk about what happened to the cryptosphere in 2018, and what he expects will occur heading into 2019. Interestingly, contrary to the bearish sentiment he touted in recent months, the analyst claimed that BTC could perform well during 2019.
Vays, when asked about what was crypto’s “most important event in 2018,” drew attention to the decline in the Bitcoin price, and, more importantly, the correlated collapse in a majority of crypto assets (altcoins). The trader, formerly of J.P. Morgan, explained that 2018’s bear market is “significantly different than what happened back in 2014 or 2015.”
The content creator noted that this time around, “the altcoin bubble will not return,” adding that he doesn’t expect for alternative crypto assets to undergo a resurgence. Vays hinted at the fact that the industry has already preemptively indicated that altcoins won’t return, as made apparent by the Bitcoin Cash debacle (he called it an “implosion”), and other smaller events that accentuated the irrelevancy of these coins.
While some bash Vays for this belief, he has only recently doubled-down on this anti-altcoin sentiment. Vays has claimed that Ethereum (ETH) could fall to $0.2, just shy of its original price stipulated by its token offering.
Jimmy Song, a leading Bitcoin educator, commentator, and developer, echoed Vays’ point, explaining that many “crappy projects (altcoins)” are in the midst of their death throes, and will be eventually flushed out of this ecosystem. Song, explaining why this industry occurrence is significant, noted that there has been a “lot of malinvestment in this space,” making the removal of fluff/worthless projects positive for bonafide investment opportunities.
Returning to his advocacy for the flagship cryptocurrency, Song explained that Bitcoin’s ten year anniversary accentuates that it can be trusted over a project that is two or three years old. This was likely said in reference to his skepticism about Ethereum.
Bitcoin Will Likely Reverse In 2019, Says Vays
Explaining his outlook on the cryptocurrency industry heading into 2019, Vays noted that consumers will start to realize that Bitcoin didn’t die, nor is slated to die. Vays noted that the realization that BTC could reverse in 2019 may also begin to dawn on traders, adding that he personally believes a reversal will occur during the latter half of 2019, rather than the beginning.
Doubling-down on his skepticism regarding projects that don’t involve the OG Bitcoin, the long-time advocate noted that 2019 will be the time that Bitcoin will start to “separate itself from the rest of the crypto space.” He stated:
The marking of 2019 will be the end of the Bitcoin bear market, and the start of the next bull market. This time, with side chains, scaling, privacy, and I can’t wait [for it].
In closing, the leading investor quipped that if prospective Bitcoin “HODLers” are looking to allocate capital into a long-term position, the “best time to buy is always yesterday.
Title Image Courtesy of Hektor Ehring Jeppesen via Flickr and Bitcongress