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Crypto Exec Explains Why Altcoins May Take Years to Get Off the Ground

In 2017, altcoins, crypto assets that aren’t Bitcoin, suddenly saw an influx of interest from the world’s investors. Bitcoin dominance — the percentage of the crypto market that is made up of BTC — fell from over 80% to 33% by early-2018, tumbling as a large amount of capital was siphoned into altcoins that purported to be a “better Bitcoin” or something of the sort.
This trend has continued into 2020, with legendary cybersecurity guru John McAfee calling Bitcoin an “ancient technology,” before likening the first blockchain to the Model T. McAfee added that newer blockchains, be it Ethereum or Monero, have privacy features, smart contracts, distributed apps, and more, asserting that BTC is on its way out the door.
According to Wall Street investor Mike Novogratz, however, crypto assets that aren’t BTC are likely years away from making a notable impact.
Crypto Still a Bitcoin-Centric Trend
On January 30th, Mike Novogratz, a Wall Streeter-turned-Bitcoin bull, sat down with Bloomberg to talk Tesla, stocks, and cryptocurrency.
During the segment, he aired his concerns that all digital assets, save for Bitcoin, don’t have a distinct use case or goal at the moment, meaning they could underperform.