Twitter’s Jack Dorsey thinks No Altcoin Will Ever Beat Bitcoin
At the moment of writing this piece, Bitcoin had been experencing a slight increase in value in the last few days, going from the $3,400 range to $3,635.65. The second most valuable cryptocurrency from the top 20, according to CoinMarketCap, is the 17th-ranked Maker ($489.65,) followed by Bitcoin Cash ($121.16) and Ethereum ($121.08.)
If we rank digital assets by their market cap, Bitcoin’s $63.7 billion are unmatched by any altcoin. The closest are Ethereum ($12.6 billion) and Ripple ($12.4 billion,) with the rest of the bunch all hovering below $3 billion. The numbers support the thesis that Bitcoin is, by a large margin, the world’s most prominent cryptocurrency as of now.
However, we do not know what the future may hold, as Bitcoin has experienced volatile behavior for quite some time now. Uncertainty surrounds the crypto markets, but the fact is that altcoins have also been affected by the bears from January 2018 to this point.
Altcoins Can be “Integrated Into” Bitcoin “If they are Successful”
Jack Dorsey, who has been praising Bitcoin a lot lately, continued in the same path as he stated this week that whilst there are excellent projects and coins emerging right now, they can be integrated “into” BTC as long as they are successful. Dorsey, who is Twitter’s CEO, said in the past few days that Bitcoin had the potential to be Internet’s native and future currency.
In his most recent remarks to Stephan Livera, Dorsey explained that (talking about Bitcoin) “It’s very principled, it has a strong point of view, and I love that it was put out there through pseudonymity, which just feels very internet to me.”
“The whole thing just feels very native to internet ideals, and that appealed to be a lot. This thing that was ideated on the internet, and then created on the internet, released to it, and then continues to be developed throughout it.”
According to Dorsey, Bitcoin’s brand strength should not be underestimated. “The brand strength, the brand of Bitcoin is really spectacular. It enables more of that resilience. It’s a mainstream, well-known ‘household’ concept. Not everyone really knows what it might be for, and may have different perspectives on what it does… but everyone knows that it’s digital currency, digital money, a digital asset.”
Taking Notes
Dorsey thinks that Bitcoin will “steal” some of the best ideas from other altcoins and emerging crypto projects, which would make it too powerful to be surpassed. “There’s interesting ideas elsewhere, but I think those ideas can be integrated to Bitcoin if they have a merit that’s above some bar. It [BTC] feels like it’s the one that wants to be the currency the most, versus others that are doing more general purpose things, or distributed computing and whatnot.”
Because of its market size, household name, potential to earn value in any given moment in time (it was worth almost $20,000 at one point,) industry adoption, awareness within the society, market cap, and other factors, Bitcoin is still leading the race to be the planet’s most prominent cryptocurrency, and by a large margin.
By Andres Chavez