Is Bitcoin Going to Bury All Other Cryptos and Altcoins?
Video Transcript:
alright guys so welcome to this video I’m joined here by trader and chart analyst Peter Brent but doesn’t you know no no Peter he has been a trader now for almost 40 years author of several great books puts a bio here for you guys so you can quickly read it as well now in this section of the video what I want to ask Peter is something quite basic and my question is simply computer is this which particular crypto which particular cryptocurrency does he think or D I’m gonna actually ask you dispute arose you there by the way Peter is joining us in Minnesota he’s been telling us it’s quite cold out there is it still cold free there Peter just like yourself as a desert guy from Arizona this is freezin that meet the weather and then soba yeah anytime I hear anything about Minnesota as always is cold but you said you get some really hot summers there too right it can be brutal and in the summertime is brutal so my question Peter is this I noticed a tweet of yours I think I was at a tweet or something you said I think it was recent and you said the cryptocurrency story is about Bitcoin not about the other cryptocurrencies no just let you know guys that is Peter’s point of view and he’s entitled to it but I want to know what is what is his reason for it and what I know what is your justification for that so is it my understanding Peter that you think that the cryptocurrency movement in other words the cryptocurrency narrative the story is really about Bitcoin and we should be focusing on Bitcoin not so much on the other cryptocurrencies and altcoins like aetherium litecoin or although i noticed you mentioned in this webinar we did that you you do kind of pay attention to your theory ‘m but you don’t really care much about the other cryptocurrencies altcoins like presumably that would be ripple and you know like well i don’t want to mention them but the other all coins but you you pre think this is more about bitcoin not the other guys okay did I get it right or did I get it wrong and of course you know there’s a lot of people have their pet coins and they totally believe in the story and the narrative behind these coins and I you know I I don’t want to be in an argument over or the various narratives about some of these other coins and you know they certainly have solid storage still but you know ultimately you know what I don’t know how many coins were up to you know fifteen hundred coins or whatever I think 99% of them end up worthless at least and that’s in the best that’s in the best scenario I actually think that 99% perhaps of the alt coins out there potentially could be worthless oh I absolutely do and I could be a low estimate I’m and so you know I don’t know last I checked there’s over a hundred exchanges I think there’s gonna be some really bad stories to be told on that you know there’s some real hurt that’s going to happen now but some of these exchanges then another there’s there some foundational structural problems with the in the crypto industry but you know ultimately bitcoin is gonna be the legacy coin and I’m in on some of this I have not taken upon myself to become an expert in in the underlying fundamentals rather I rely on people who who I think are really really smart people and understand this and I take some guidance from them but it’s just like in in in the world of fiat currencies ultimately the dollar can go up the dollar can go down the euro currency can go up it can go down the yen can go up and go down you remove the US dollar from global finance in the world seizes up yeah the US dollar lubricates the world of global finance and commerce it is the driver it global global commerce as we know it doesn’t exist without without the US dollar and I think eventually the same thing can be told among all these crypto currencies it is Bitcoin that will be the glue that’ll keep it all together and so you know why do I want to risk being in a coin this can be among the 99.9% is when I can be in a coin and it like I even said I told you earlier I think there’s a 50% chance that Bitcoin becomes worthless and so you start playing with the numbers and there’s no probability for me to be in any of the other coins I want to be I want to be in the coin that I believe has has distinct I want to be in the Amazon of Kirk knows I want to be in the apple of kryptos and for me I believe that’s Bitcoin that’s interesting point of view I actually I see it from your point of view now I I understand what you’re saying so essentially you see Bitcoin as being the the real deal if you wanna call it debts and the other ones are so well we don’t want to name them but the other ones may just be who knows do you think the real deal is Bitcoin that has the potential future for it in other words they if a future of cryptocurrency is something you think this Bitcoin yeah no I am for you know active in and out traders that are really this is their livelihood yeah there’s gonna be times when you know the return is gonna come from a swing trade over a two or three week period and something else and that’s fine i I don’t argue against that but I’m just thinking in terms of long term it’s you could roll back the clock and and invest and only one online retailer who would it be if you could invest in one computer manufacturer maybe to Microsoft you might want to throw that one in would it be and so that that’s that’s my only thinking is you know if that’s the case and even if I’m a trader that’s just not a buy-and-hold trader I want to be a trader that’sthat’s buying in and out of the trend that long term is going to be the strongest most sustainable trend yeah and it’s interesting you mentioned Amazon because Amazon went through I mean actually I mentioned it’s one of my videos recently I think it was about a few months ago that Amazon itself back in the year in the.com crash in the tech crash of the year 2000 Amazon went up massively higher hundreds of percent higher and then it dropped similar to Bitcoin it dropped by almost eighty five percent 80% and eventually went back up it went from like it went from winning nothing all the way back up to now it’s uh well over over the for $1600 or thousands of dollars now so you know I always say to people who say well Bitcoin can never go back up well I say well look what happened to Amazon not what does I want to ask you this Peter people often say well you cannot compare Amazon to Bitcoin and then you have a point they say Amazon has a real business real structure they say well Bitcoin there is no business it’s just a currency well how would you answer that question how would you answer the kind of objection well I mean Bitcoin is a method of settling potentially a method of settling international global commerce transactions it is a means of storing wealth and so you know I look at it as something that’s like the old gold standard gold was the underlying uncie’s or back then it wasn’t fiat currencies but an insured it insured currencies I look at Bitcoin is having a utility that some of the other coins idea I’ll just say it’s something to make believers some of that some of the some of the pretenders don’t have so sure that’s my interest but even then you know for me crypto currency trading really only occupies about maybe 10% of the trades that I do during the course of years so you know it certainly is something I’m interested in but it is one of a number if for me there’s nothing special about cryptocurrency bitcoins in my opinion I could as well be trading oats or tapioca out of Indonesia but I think that there’s some compelling reasons to be interested in especially Bitcoin in this day and age so guys thank you very much if I do it before I finish this section of the video I just want to mention that I personally have a few of my own favourite cryptos I don’t necessarily think I agree with Peter I have no idea whether these other kryptos are going to go anywhere or gonna be the future but I have a little bit of a liking for maybe like – maybe I keep an eye on it and maybe another one out there as well but I do certainly understand what I I do agree with Peter that I think bitcoin is the one that we need to watch and hey guys let me know what you think and I really appreciate your own comments about that so let us know hi guys make sure you check out Peters web sites which is Peter L Brent daf comm I put a three on the screen later in the editing and so Peter L Brown calm and Twitter join his Twitter as well at Peter L Brent thanks very much guys and I’ll see you guys in the next thing by the way guys make sure you join us for the full interview with Peter you
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