Just saw this interesting Twitter post.
Even more interesting are the replies.
I have my own thoughts too.
Someone recently commented that cryptocurrencies are somewhat like a slow evolving Ponzi scheme. Obviously the ones who bought bitcoin early would supprt the narrative of it as a scarce asset. The value of bitcoin depends on who comes later to buy in. So the maximalists will want new money to pour into bitcoin rather than altcoins, or shitcoins, as they call it.
I am more in the view that bitcoin brought about the blockchain revolution, and thus the sprouting of altcoins projects that follows. If there are no altcoins, bitcoin price will be still in its hundreds, i think. Simply because there will be no buzz.
Two tensions are in play. First, people will hodl bitcoin, and remain unfazed by altcoins. Second, development in altcoin projects remains vibrant, and prices of altcoins exceed expectations.
My game plan is to diversify and to take a balanced appoach. Bitcoin is better at stablizing my portfolio, but quality altcoins Hive like will inject the vibrancy into the space, and my portfolio.
Nay, Bitcoin maximalism is so overrated.