Alex Gladstein is the founder of a human rights foundation, who preaches the use of Bitcoin and other cryptocurrencies as a means of attaining financial independence and security. Speaking on the matter of the altcoin market domination in the current market, he claimed that investors are going to regret not taking more interest in Bitcoin ten years from now.
It is worth mentioning that many traditional financial experts deem cryptocurrency an asset class with a massive risk factor. Therefore, many financial institutions allowed only high net-worth individuals to bet their stakes in the crypto-based funds in the beginning. However, while Bitcoin has managed to come out as a stable asset class, the investing interest has started to seep into the altcoin market.
Many people claim that the altcoin market and the Defi space have started to become rife with scams and scandals. According to the official statistics, the scammers have managed to rake in $10 billion in Defi market scams this year alone. Erik Voorhees is a cryptocurrency organization owner who offered his two cents on the matter.
Voorhees claimed that the 2009 market crash gave rise to the Bitcoin market as a way of the portfolio diversifier. He claimed that in the same manner, the current pandemic-ridden market had pushed the DeFi tokens forward. Voorhees claim that during the first years of Bitcoin introduction, a massive number of scam increased in the market due to the novelty of the idea and the lack of information and education on the matter among the masses.
Rise of DeFi Market
Voorhees further explained that the DeFi market is currently in its initial stages of development. He also claimed that it is not right to project the scam related to the DeFi market space to the idea of the technology itself. The Bank of England has claimed that the unregulated flow of cryptocurrencies can lead to the market meltdown in the current economy.
Gladstein claims that the rise of meme coins like SHIB and Doge can create the same situation in the market as the unreliable and B-graded mortgage deals in the Housing bubble during the 2008 meltdown. He further added that despite offering a limited utility, Bitcoin is going to become the biggest token in the coming decade, and people are going to wish that they have invested more money into the firstborn cryptocurrency.