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Bitcoin has won the store of value game with all these institutions preserving and bagging it as a deflationary asset. With that in mind there should be a bright future for cryptocurrencies, don't you think so? Renowned investor Stanley Druckenmiller has shared his views on dogecoin and Ethereum. He said he wouldn't long or short dogecoin and laughs when the meme cryptocurrency rises in value. As for ether, he is skeptical whether it can hold its position. Druckenmiller said, bitcoin has won the store of value game because it is a brand, it’s been around for 13-14 years, and it has a finite supply. He further reiterated that it would be tough for other cryptos to replace bitcoin. #Club1Bch
2 comments
He is full of BS. He doesn't get what parameters made BTC attain value in the first place - Network effect! Also, seeing ETH go from 1% of the market to 20% makes him sceptical ETH (or any other) can take over BTC? What is he smoking? Since Bitcoin (BTC) cannot scale, it will not attain more network effect that it currently has besides a few billionaires. That is the worst proposition of a store of value - few large holders and almost no grassroots/common people. Makes it much easier to manipulate and also much more fragile. The first crypto currency that gains more network effect will overtake BTC easily. BCH, ETH and ADA are contenders that have a real chance within the next 10 years.
Is he referring to BTC or BCH? I really hate that when BCH forked from BTC, the creators of BCH chose the name they did. Yeah, I get that y'all consider BCH the "true" bitcoin, but having multiple cryptos with "bitcoin" in their name is just confusing.