"Eventually, All Will Turn to Bitcoin": Why Even Altcoin Founders Are Selling Off to Switch to BTC?

Original Title: ALERT: Altcoin founders are dumping their tokens to buy bitcoin.

Original Author: Anthony Pompliano, renowned crypto Key Opinion Leader (KOL)

Translated by: xiaozou, Jinse Finance

After nearly a decade of navigating the Bitcoin and crypto industry, you'd think you've seen it all, but occasionally, something new comes along that leaves you absolutely stunned. That was precisely my reaction when I watched a recent talk by Charles Hoskinson, the founder of Cardano. In the video, Hoskinson addressed the sale of altcoins in the Cardano treasury to buy Bitcoin.

This video was eye-opening for three reasons. First, Hoskinson essentially admitted that his altcoin can't compete with Bitcoin in the long run. The only way to create enduring economic value is to sell off altcoin assets and buy Bitcoin. This seems to signal that altcoin founders are beginning to realize that Bitcoin is here to stay.

Second, Hoskinson appears to understand that Bitcoin treasury companies are launching speculative attacks on Bitcoin. These companies are selling equities to purchase Bitcoin, which means altcoin foundations can just as easily sell their tokens to acquire Bitcoin. This concept of a "speculative attack," popularized by Pierre Rochard in 2014, has become one of the most critical drivers of Bitcoin adoption in recent years.

The third reason might be the most intriguing—Bitcoin treasury companies' outstanding performance has become impossible to ignore. Take Metaplanet as an example. Simon Gerovich, Dylan LeClair, and their team have built one of the top-performing equities in the world. In just over a year, the company grew its Bitcoin holdings on its balance sheet from zero to 10,000 BTC. Such growth is nothing short of astounding.

Imagine this: You're holding altcoins worth hundreds of millions of dollars but watching them continuously lose value against Bitcoin. Naturally, you might start thinking: Selling altcoins and switching to Bitcoin could actually grow your wealth. This is no different from selling depreciating dollars or underperforming corporate stocks. We are witnessing this speculative attack infiltrate every corner of the financial world.

Everyone wants Bitcoin and is willing to liquidate any asset to acquire more of it. This has always been the core belief of Bitcoin enthusiasts—the notion that hard money will inevitably act like a black hole, absorbing capital. Watching this theory unfold globally is nothing short of exhilarating.

If you think Bitcoin is nearing the peak of its current cycle, remember this: Bitcoin still has a long way to go to catch up with the global M2 money supply. Raoul Pal recently pointed out that “89% of Bitcoin's price movement is correlated with global liquidity.”

This suggests that Bitcoin could potentially hit the $150,000 mark in the coming months. However, since nobody has a crystal ball to predict the future, we’ll just have to wait and see. Bitcoin is steadily penetrating Wall Street in new and innovative ways, and people are doing everything they can to accumulate this digital asset. Launching speculative attacks—especially when holding altcoins—could be a smart strategy.

Original Link

Welcome to join the official BlockBeats community:

Telegram Subscription Group: https://t.me/theblockbeats

Telegram Discussion Group: https://t.me/BlockBeats_App

Official Twitter Account: https://twitter.com/BlockBeatsAsia