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Bitcoin investor Fred Krueger pointed out why “you should only buy Bitcoin (CRYPTO: BTC),” even though there have been significant changes in the top ten and top 20 of cryptocurrencies over the years.
What Happened: In an extensive tweet on Monday, Krueger argued that all other cryptocurrencies in the top 20 are “a joke,” despite their combined market cap of over $500 billion.
The analyst list includes Ethereum (CRYPTO: ETH) as an underperformer since 2019 when it touched 0.12 ETH /BTC and is now at 0.056 in the "falling channel." He cited that the SEC has multiple lawsuits against Ethereum in play. Tether (CRYPTO: USDT) is stable so there is no scope for an upside, but while interest rates are at 5%, it does not pay interest.
BNB (CRYPTO: BNB) is termed a “highly centralized exchange coin,” with Binance in decline and former CEO Changpeng Zhao in prison. Solana (CRYPTO: SOL) is “a completely centralized meme coin factory” and is down 40% from Bitcoin since 2022. He also noted the problem of periodical shutdowns for system upgrades.
Other cryptocurrencies Krueger dismissed include:
Among meme coins, he terms Dogecoin (CRYPTO: DOGE) a literal joke with no redeeming features and no one using it. Shiba Inu (CRYPTO: SHIB) is a bad copy of Dogecoin and Pepe (CRYPTO: PEPE) is just a “$6 billion frog coin.”
His tweet also highlighted Avalanche (CRYPTO: AVAX) as worthless, Chainlink (CRYPTO: LINK) as “just stupid for providing feeds” to Ethereum chains. He adds Polygon (CRYPTO: MATIC) as an Ethereum sidechain with “terrible tokenomics” and down 75% from the peak.
Major crypto traders reacted to his viral tweet, with Bitcoin analyst Willy Woo tweeting that most of the cryptocurrencies have their main real case as "buying them" at the right time and stacking more Bitcoin. He adds, "USDT has been a past favorite of mine during crypto winter."
What’s Next: Bitcoin and the rest of the 19 top cryptocurrencies will take center stage in discussions at Benzinga’s upcoming Future of Digital Assets event on Nov. 19. The influence of Bitcoin as an institutional asset class is also expected to be thoroughly explored.
Read Next: Crypto Expert Reveals How To Find ‘High-Risk High Reward’ Meme Coins
Image: Shutterstock
Posted In: $ADA $AVAX $BNB $BTC $DOGE $ETH $LINK $MATIC $PEPE $SHIB $SOL $TON $USDC $USDT $XRP
