Bitcoin whale: There will be a mass extinction of Altcoin before the next BTC bullrun

If you’ve worked with Bitcoin or cryptocurrencies on Twitter for the past six months, you probably know “Joe007”. It is a pseudonymized BTC whale that uses Bitfinex’s leaderboard system to indicate that it is making millions of dollars a month in trading. After a two-month hiatus, Joe007 returned to crypto Twitter last week. And with it some striking and polarizing comments.

 

Bitcoin whale warns of Altcoin mass extinctions

Altcoins have done extremely well in the past few weeks and months. The chart below from a data analyst in the industry illustrates this trend well: Since the beginning of the year, a majority of altcoins have even surpassed Bitcoin.

 

The Bitcoin investor thus replied to a user’s question about the BTC dominance metric.

Joe007 is far from the only investor who believes that a majority of non-Bitcoin cryptocurrencies will fail. Bitcoin infrastructure company Blockstream’s CEO Adam Back also said in June that there was only one crypto currency: Bitcoin.Jason Calacanis, a prominent entrepreneur and angel investor who is known for his investments in Uber, Robinhood and Trello, makes a similar statement. He said on June 27 about the effectiveness of Altcoin projects:

“Historically, 99% of crypto projects are junk that is run by unqualified idiots, delusional but below-average founders or scammers … the 1% that are not could change the world. I am waiting for this 1% to deliver their product so that I can speak to their customers. Do you have customers? “

By the way, Calacanis is starting to get bullish on Bitcoin after claiming the asset can be traced back to $ 500-0.