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Bitcoin Dives! Why I Remain Bullish + Tron Rant

Bitcoin has taken a dive, dipped its toe at $14k and is still treading around $15k at the time of writing this. Many of you have sent me messages and left comments asking if I still see Bitcoin at $23,000 in the cards. While I don’t pretend to know what will happen next, the thesis is still in tact for Bitcoin to go on a nice bull stretch as the dominance figure is still in the 30% area.

Steemit Post: https://steemit.com/bitcoin/@cryptovestor/bitcoin-dives-why-i-remain-bullish-tron-rant

I still suspect this will increase to 45 – 50% as we see the end of the altcoin cycle. Coindesk had a great article (https://www.coindesk.com/weathering-altcoin-shitstorm-investing-next-one/) which discussed these cycles and how the cryptocurrency market has become a big penny stock casino.

Many people tout that smaller altcoins are better investments than Bitcoin or Ethereum because return potential is far higher, but they almost always disregard risk and probabilities (generally falliciously arguing that the worst that can happen is that your investment goes to $0, but could go to infinity too which completely ignores probability).

Right now, the market is pumping assets indiscriminantly as we see everyone trying to jump into the next spike. Tron is a perfect example of a cryptocurrency that is extremely overvalued and overhyped. Everyone invests because of Justin Sun, who is as silver-tongued as they come. The white paper is obtuse (meaning it struggles to communicate what Tron actually does) and fanatics point out that Tron has a long-term plan, when more realistically it just sounds like they have no product and won’t for a long time. Most of the price is built around hype on a potential partnership with Alibaba because Justin Sun was a “protege” of Jack Ma and poached some talent from the behemoth (likely other greedy individuals who see how wealthy crypto can make them). Take my money!

Don’t like what you hear? Well unfortunately this is the case for a lot of cryptocurrencies. This is the time to be selective and find cryptocurrencies which actually have a use-case that is suitable for blockchain (or DAGs), because in the event that the altcoin cycle ends, we’ll see “higher quality” altcoins fare better than their hyped brethren.

While I will be the first to tell you Bitcoin is overhyped as well and reality is far from where expectations are now, at least it has substantial community and developer support along with a long, battle-tested history which almost no other cryptocurrency can claim. Perhaps even more importantly, average Joe actually knows what Bitcoin is while most of the general public hasn’t even heard the word “cryptocurrency.”

All in all, the altcoin cycle will come to an end as it always does. We don’t know when that is, but don’t be fooled by the idea that superior tech wins. I could rattle off a dozen examples … Betamax, Dvorak keyboards, Atari, etc. There are many other factors that go into play and Bitcoin has many of those on its side: Expect a video on that in the future.

For now, the important part is that if you want exposure in this market, Bitcoin is the place to be. Oh and a super brief update on Ethereum: I converted more into Bitcoin as we (very) rapidly hit my price target of 0.075 – 0.08 BTC. The rest I will hodl – no further price targets. Thank you for watching and let me know your thoughts in the comments.

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  1. Crypto Investor 12 January, 2018 at 03:58 Reply

    Yes, I'm still bullish on Bitcoin. Yes, I think Tron is a horrible long-term investment. How can it fight for the users when it has none (Go ahead, tell me all about Peiwo)? I converted some Ethereum into BTC because it reached my price target – hodling the rest. Summed up vid for you in 5 seconds. Come discuss with me here: steemit.com/bitcoin/@cryptovestor/bitcoin-dives-why-i-remain-bullish-tron-rant. Want live updates? Check out my Twitter: twitter.com/Truth_Investor.

  2. EnEmE 12 January, 2018 at 03:58 Reply

    Okay seriously, you are by far the worst investor I have ever seen. No one even comes close to your track record of failure. The only thing you are consistent on is being absolutely wrong. If I go back a couple of months, starting with $5,000 and invested my money by doing the EXACT OPPOSITE of your advice, I'd have over 2 million dollars right now. Statistically you're bound to at least get one thing right but man…. you are horrible at this.

  3. Jamal Jamal 12 January, 2018 at 03:58 Reply

    This is probably my first youtube comment. I've been following your videos for a while and it's been helping me understand why the crypto market fluctuates. Looking at some of the comments below it's really laughable. I'm not even gonna dig into ripple and tron, i've read their whitepaper a while ago, while i see tron developing as a technology within 3-4 years ONLY IF they stick to what's in the whitepaper. I'm allergic to projects that have pictures of their CEO's surrounded by logos of what they or where they were mentioned, pure bullshit.

    I'm right now bullish on nothing but bitcoin and ethereum . Bitcoin I remain bullish on it simply because of the work being done on it by A. Antonopoulos. Andreas has been talking about bitcoin since your average commentator below was still watching sunday morning cartoons. Ethereum , if the the current market remains the same, and if governments don't start throwing stones, I see it going up in value, simply because of the technological value it has.

    Keep up the good work.

  4. Scoutwithoutclout 12 January, 2018 at 03:58 Reply

    interesting. i just came to a 22k prediction in the next week and youre the only other person who ive seen sayng a similar projection. thats fantastic. 13/14k is the new bottom and futures pressure has pushed it as low as it can. all actions have an equal and opposite reaction.

    secondly, what happend last time btc dominance got low? (never this low btw)
    2.(jan, jul 16)
    3. (July 17)

    bitcoin exploded. theres no doubt in my mind alt coins are crashing and bitcoin is about to moonshot. youre a noble man for putting this out there

  5. Freddie Molyneaux 12 January, 2018 at 03:58 Reply

    Great video, I'll be subscribing for sure. Can I just suggest one thing, it would be awesome if rather than complaining about the coins you dislike, you let us know which ones we should invest in, besides BTC of course.

  6. Adamous 12 January, 2018 at 03:58 Reply

    Bitcoin dominance will gradually diminish over time. Over the course of the past year, people have learned a great deal about alt coins and their technologies, trusting in their investment because of it

  7. DAVID HANLON 12 January, 2018 at 03:58 Reply

    If Bitcoin fails every single alt coin in existence also fails. Thus every single unit of value put into alts is ultimately a bet on both Bitcoin and that particular alt.

  8. Daniel Reiner 12 January, 2018 at 03:58 Reply

    I dont watch every video you make, but while ago you said Ethereum was very undervalued and was one of your favorite. I had been waiting for it to move and held on to it… even bought more before it broke 700. Great Pick.

  9. R B 12 January, 2018 at 03:58 Reply

    Awesome!! Does anyone still offer bitcoin donations? I’m pretty new to the whole crypto thing and trying to put as much as I can into bitcoin I’ve got about $50 in it so far. If anyone could help me out and offer some more info or advice then please let me know, or even if you wanna donate a few bucks as well I’d greatly appreciate it! Here’s my bitcoin address:

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