Could this altcoin end Crypto Winter? Why Crypto’s Bottom Is Near – Altcoin Daily
(Kitco News) In the “worst-case scenario,” Bitcoin will hit “all-time highs” in 2025, Altcoin Daily duo Aaron Arnold said. His brother, Austin, took it a step further, saying, “For this year only, in 2022, I’m still betting Bitcoin big.” Both brothers agree that the bottom of the major cryptocurrency market is likely near.
They said a combination of macroeconomic and political factors will drive Bitcoin’s price higher, and added that Ethereum is “primed to lead the next bull run” in cryptocurrencies.
The Altcoin Daily brothers spoke with David Lin, presenter and producer at Kitco News.
Crypto hedge fund Three Arrows Capital was recently ordered to liquidate its assets, amid a wider sale of cryptocurrency assets. Celsius, a crypto lending company, suspended transactions. Since the start of the year, Bitcoin has fallen by more than 55% and Ethereum by 70%.
Still, the Altcoin Daily brothers hope.
“A lot of people we saw come in [to Bitcoin] in 2020 to 2021 are not Bitcoiners,” Aaron said. “These are big hedge funds, big whales, big traditional financiers. They think Bitcoin is similar to a tech stock or a risky asset… So when it becomes a risky environment, they make the decision to reduce their holdings, due to the selling pressure.
The brothers said much of the selloff was due to the liquidation of institutional crypto investors, as well as the crash of LUNA-UST.
Bitcoin and Ethereum
The Altcoin brothers reiterated their view that Bitcoin has a strong value proposition.
“You hear Bitcoiners say, ‘not your keys, not your coins,’ because what this revolution is about is self-sovereignty for your funds,” Austin said. “Bitcoin is still a decentralized, permissionless, immutable, hard-capped supply currency. And in these uncertain times in bear markets…the hype [will] be flushed out and more quality projects are pushed through.”
By “hype,” the brothers were referring to altcoins, most of which they say are “down 80-99 percent.”
However, they were bullish on Ethereum.
“Ethereum is going through a big change, and if it succeeds in merging with proof-of-stake, I think a lot of people will trust it,” Aaron said. “The amount of Ethereum that has been burned, removed forever in terms of supply, is more than the amount of Bitcoin that Michael Saylor bought and pulled from the market, and more than the amount of Bitcoin that El Salvador bought… If you think it’s bullish for Bitcoin in terms of supply and demand, then Ethereum tokenomics is arguably just as bullish or more bullish… I think [Ethereum] has the ability to lead.”
For the Altcoin Daily brothers’ thoughts on crypto regulation, watch the video above.
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