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The reputation of crypto as a whole is mostly built on the reputation of Bitcoin.

All Cryptocurrencies

by COINS NEWS 90 Views

Bitcoin is the first coin and not only that but it is the most valuable coin, so valuable in-fact it is considered “digital gold” by some.

Most of the popularity of crypto that came to it was mostly because of the crazy price pump that Bitcoin had.

Because of this, a lot of people outside of the crypto space, especially non tech savvy people, associate cryptocurrency as a whole with Bitcoin

This means multiple things then:

  • If bitcoin has huge dumps, not only will most cryptos as a whole dump but their reputation will worsen as well, when skeptics start ramping their idea of crypto being worthless

  • the opposite is also true, crypto pumps will amaze people outside a d bring them in, a d will be a positive to all cryptos.

So what happens to BTC is important for further adoption, because simply if its going down it will be hard to convince outsiders and skeptics to on board as they have the “BTC dumping” narrative in their minds.

And if bitcoin goes up, the outsiders and skeptics will start getting tempted to join when they see your profits, and the outrageous price potentials. and this they’d most likely enter the crypto space as a whole after that.

So the reputation of crypto is affected negatively or positively based on the reputation of BTC. And that also makes it one of the important drivers of mass adoption.

submitted by /u/thespygorillas
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