Fold, CEO of Bitcoin (BTC) Financial Services company, has issued a warning about Altcoins, saying that Crypto King's market advantage is not a betrayal.
In a new interview with CNBC TV, Fold CEO Will Reeves says the latest new all-time top Crypto assets of market capitalization are due to a combination of high institutional demand and low supply.
“This is what happens when massive demand meets a finite supply of Bitcoin, and what we are seeing right now is a moving supply shock.
So I'm sure what we're looking at is the basis of Bitcoin…
We've seen recently with the rise of Bitcoin finance companies, ETFs (Exchange-Traded Funds) are the ability to invest in assets in an entirely new class of capital. What we're looking at is what happens when trillions of dollars start knocking on the door. Prices tend to rise. ”
According to Reeves, the market's appetite for BTC will be irreversibly increased in its level of dominance.
“Frankly, I think (Altcoins) will remain speculative. Bitcoin's dominance is 60% and is rising. I think what we're seeing is an inevitable trend towards signals. The problem is that Bitcoin is the only reliable neutral digital asset that is being issued.
All other tokens still prove a highly speculative use case without a track record of Bitcoin. And what we see today is the ongoing march of Bitcoin, which controls this whole market. Ultimately, what we saw is something that cannot be reversed. ”
Bitcoin is trading at $117,613 at the time of writing. Meanwhile, Bitcoin's domination, which measures how much of Crypto's total market capitalization belongs to BTC, is 64.58%.
