Could this altcoin end the Crypto Winter? Why the bottom in crypto is near – Altcoin Daily
(Kitco News)In a "worst-case scenario," Bitcoin will break to "all time-highs" in 2025, said Aaron Arnold, one of the Altcoin Daily duo. His brother, Austin, went a step further, saying, "For just this year, in 2022, I'm still betting on Bitcoin big." Both brothers agree that the bottom of the market in top cryptocurrencies is likely near.
They said that a combination of macroeconomic factors and politics will cause Bitcoin's price to go higher, and added that Ethereum is "primed to lead the next bull run" in cryptocurrencies.
The Altcoin Daily brothers spoke with David Lin, Anchor and Producer at Kitco News.
The crypto selloffs
Crypto hedge fund Three Arrows Capital was recently ordered to liquidate its assets, amid a wider sell-off in cryptocurrency assets. Celsius, a crypto loan company, paused transactions. Year to date, Bitcoin has fallen more than 55 percent, and Ethereum 70 percent.
Yet the Altcoin Daily brothers are hopeful.
"A lot of the 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 finance people. They think of Bitcoin as similar to a tech stock or like a risk asset… So when it becomes a risk-off environment, they're making the decision to decrease their holdings, due to sell pressure."
The brothers said that a large part of the selloff was due to institutional crypto investors being liquidated, as well as the LUNA-UST crash.
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, is self-sovereignty for your funds," said Austin. "Bitcoin is still a decentralized, permissionless, immutable, hard-cap supply money. And in these times of uncertainty in bear markets… the hype [will] get flushed out and more quality projects get pushed through."
By "hype," the brothers were referring to altcoins, most of which they said are "down 80 to 99 percent."
However, they were optimistic about Ethereum.
"Ethereum is going through a great change, and if it is successful in merging to proof-of-stake, I think a lot of people will have confidence in it," said Aaron. "The amount of Ethereum that's gotten burned, taken away forever as far as supply goes, is more than the amount of Bitcoin that Michael Saylor bought and took off the market, and more than the amount of Bitcoin that El Salvador has bought… If you think that's bullish for Bitcoin as far as supply and demand, then Ethereum's tokenomics are arguably just as bullish or more bullish… I think [Ethereum] has the possibility of leading."
To find out the Altcoin Daily brothers' thoughts on crypto regulation, watch the above video.
Follow David Lin on Twitter: @davidlin_TV (https://twitter.com/davidlin_TV)
Follow Kitco News on Twitter: @KitcoNewsNOW (https://twitter.com/KitcoNewsNOW)