In a new appearance on London Real, broadcaster Max Keiser of the Keiser Report weighs in on the likelihood that the world’s top cryptocurrency has any true rivals – an altcoin that can really challenge BTC by amassing new users, generating use cases, appealing to the mainstream and growing its network at scale for millions and billions of people around the globe.
The avid Bitcoin supporter delivers his short answer: naah, not really.
In a hard-hitting look at the crypto landscape, Keiser dismisses the lot and claims that the industry is filled with useless coins.
“There’s no coin out there that can do what Bitcoin doesn’t do already or will be able to do shortly. What you’re buying with Bitcoin is security.”
The former stock broker argues that major forks such as Bitcoin Cash and Bitcoin SV are not secure. He calls several other altcoins “pure exit scams”.
“They have huge ‘pre-mines’ that the founders are selling or dumping and making a lot of money. A lot of people are losing money, and they have no use case. So like a Ripple or an Ether, even, is an exit scam. It’s to be avoided. Those are the top coins.
Then you start going down into many, many more beneath that, and it just becomes lunacy.
If you look at the total crypto market as a whole, Bitcoin right now has 85% of the hash power and 65% of the market cap. That number is just going to keep going higher. So within five years, Bitcoin will have 99% of the hashing power and 99% of the market cap.
And everything else will be completely marginalized. You already see now the volume in trades. I think Bitcoin now has 90% of all the volume… The daily volume in the other 5,000 coins is so minuscule it’s to be completely, almost, non-existent. So they’re completely useless. They have no purpose whatsoever.”
Keiser calls 2014 to 2017 an era of experimentation when a flurry of new coins came out with many projects attempting to compete with Bitcoin.
“It’s similar to the protocol that runs the internet itself or email itself. When these protocols become entrenched, the network effect expands and they become ubiquitous.”
As for fiat currency, Keiser says the US and UK governments are under extreme stress, along with banks and the global economy.
“You want to have an unconfiscatable, uncensorable store of value that only you control that will get you through the next five years.
The greatest achievement for Bitcoin, probably, to sum it up in one sentence, is that it separates money from the state. Before Bitcoin, the idea of non-state money was inconceivable. It was talked about on the fringes by some economists as being possible. But not until Bitcoin emerged do we have the absolute existence of a hard money, gold substitute that is outside of the state.
So if you are not happy with the state, and you want to opt out, you need to become individually sovereign. The best solution, by far, is Bitcoin.”