Crypto Hodlers Rekt! Xapo’s Ted Rogers Predicts Altcoin Extinction As Bill Harris Sees Bitcoin Headed Toward Zero
Xapo president Ted Rogers claims altcoins are headed toward extinction. Bill Harris says bitcoin is headed to zero. From old fintech to new, doomsday voices are growing louder. Are crypto hodlers rekt?
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Altcoins to Extinction? Roger That!
Ted Rogers, bitcoin maximalist and president of secure bitcoin wallet app Xapo, has all-but pronounced altcoins dead in an August 13th tweet:
We could be in the midst of the extinction-level event for “cryptoassets” that many maximalists have predicted. 90%+ of @CoinMarketCap list will disappear eventually – might as well happen now. Meantime, lower BTC price means incredible opportunity to buy more #bitcoin
— Ted Rogers (@tedmrogers) August 14, 2018
Bitcoin dominance, the measure of bitcoin’s share of the entire cryptocurrency market cap, has surged during the past few weeks, and is now sitting at over 50 percent for the first time since late 2017. That rise has been the result of a general slump in the crypto market that has hit almost all digital assets. Altcoins have been hit particularly hard.
In reality, bitcoin dominance has been gradually rising throughout 2018, as market forces wreak havoc on different coins. Late July, bitcoin’s ascendency spiked sharply toward 50 percent as a result of a surge in its price toward $8,500 USD.
Rogers see this round of price activity differently, suggesting it may be an omen that altcoins face an “extinction-level event”. With over 90 percent of the crypto market facing demise, he says, now is an “incredible opportunity to buy more bitcoin” as it also faces fierce price pressure.
Crypto Hodlers Rekt! Former Paypal CEO Bill Harris Sees Bitcoin Eyeing Zero
Bill Harris, the former CEO of PayPal, once a fintech pioneer, told CNBC’s Fast Money during a discussion with crypto hedge fund manager Brian Kelly that bitcoin was “going to go eventually a whole lot closer to zero”. A number of news outlets — and the host of the show Melissa Lee — irresponsibly quoted Harris as arguing bitcoin would actually hit zero. Harris denied ever having made such a claim.
Harris argued that bitcoin has no intrinsic value:
“The cult of bitcoin makes many claims: that it is instant, free, scalable, efficient, secure, globally accepted, and useful. It is none of those things.”
He also added that “we’ve got digital currencies that are more stable, more widely accepted, and have intrinsic value. We’ve already got them: it’s called the dollar, the yen, you name it.”
Brian Kelly, perennial bitcoin bull, hit back at Harris’ criticism of bitcoin’s lack speed, wondering why Harris was not seeing the investment opportunity for what it was:
“There are coins out there now that do 10,000… 20,000… this is the investment opportunity. I am surprised that coming from Silicon Valley, you are not seeing the investment opportunity.”
Harris closed with a parting salvo, stating that bitcoin has no use case in which it is superior to other technologies “with the exception”, he said, “of criminal activity”.
Harris’ Views Not Echoed by PayPal or Other PayPal Alumni
Ironically, Harris’ former payments company filed a patent for technology to speed up cryptocurrency transaction times, as published in March by the U.S. Patent & Trademark Office. The company’s co-founder Peter Thiel is a bitcoin believer, having made substantial purchases through his San Francisco-based venture capital firm, Founders Fund.
Sound off below. Are crypto hodlers rekt? Do you agree with any of this? Why/why not?
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