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BTC does not give a damn about this craziness.

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by COINS NEWS 60 Views

Times like this just prove (yet again) that BTC is here to stay, BTC is the pillar of the crypto space as a whole, and, BTC is king.

With this recent crash we have seen BTC dominance rise to its highest level in years. Furthermore, so far, BTC is yet to really be harmed by all of this craziness.

I think it is also fair to say that ETH is in a similar boat.

I've always found the idea of investing in altcoins bizarre because when you boil it down, this is essentially what you are doing:

  1. You are making an investment in a very risky asset class (and yes crypto is its own asset class, not a damn security or commodity).
  2. You are investing in a risky asset within this already risky asset class.

I don't think a lot of investors fully understand just how f'ing risky it is. If you are invested in altcoins, you should be prepared to wake up tomorrow morning with the value of your coin at 0. If you cannot accept that, you should not be in altcoins, or crypto as a whole.

One may make the argument that diversifying within the space is good, but I truly believe that diversifying in crypto is a bit of a joke. Is it really diversifying when everything is correlated to Bitcoin either way? If BTC goes down, your altcoin is almost certainly going to go down to the same degree or, more likely, to a greater extent due to the increased risks/volatility associated with altcoins.

I do accept that there are scenarios in which altcoins will outperform BTC but these generally only occur on new or non-widely accepted/established projects (which again, is risk upon risk upon risk anyways), or memecoins with very little utility that get pumped by hype and CEX listings.

Overall, BTC is king. BTC does not give a damn about all the craziness going on right now.

Rant over

submitted by /u/IndubitablyBen
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