Qiao Wang, the Angel Investor and Product Director of the Messari cryptocurrencies research team, predicted an unprecedented increase in Bitcoin (BTC) domination after the ongoing market slump ended.
Bitcoin (BTC) A New USD
According to Wang, Bitcoin cannot be questioned by altcoins in terms of value, benefit or demand. Although he doesn’t see himself as a Bitcoin (BTC) maximalist, Wang seems confident that the crypto king has enough power to increase his dominance to 90% at the end of the ongoing market depression.
I am no maximalist by any standard, but I fully expect Bitcoin dominance to rise above 90% by the end of this economic crisis.
– Qiao Wang (@QWQiao) March 25, 2020
Qiao Wang likens Bitcoin to US Dollars compared to altcoins. Also, the superiority of Bitcoin (BTC) is even more overwhelming because its supply cannot be arbitrarily adjusted by miners. Finally, the Fed’s printing trillions of dollars implies that Bitcoin domination will rise even more.
No Altcoin Season
Mr. Wang emphasized that he did not see any economic incentives to use altcoins during the days of the crisis, and in the past admitted that altcoin demand was powered by speculation for future benefit. According to Wang, altcoins, which are out of stablecoins after speculation, will take only 10% of the market.
The Bitcoin (BTC) dominance at the time of writing (the ratio between the market value of Bitcoin and the rest of the crypto markets) is about 65.9%.
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