Fred Krueger, a prominent Bitcoin maximalist, has laid out a scathing critique of the top 19 cryptocurrencies in a recent statement. Moreover, he emphasized why he believes Bitcoin (BTC) remains the superior choice for investors. Furthermore, he spotlighted the flaws of top 19 altcoins, including Ethereum (ETH), Solana (SOL), XRP, and Cardano (ADA).
Why Is BTC Superior To Top Altcoins?
Krueger began by addressing Ethereum and highlighted its significant decline since 2019 when it peaked at 0.12 ETH/BTC. Moreover, he noted its current standing at 0.056 due to Ethereum’s declining trend against Bitcoin. In addition, the maxi pointed out Consensys ongoing legal battles with the SEC over Ethereum’s status.
Additionally, he highlighted issues of centralization associated with ETH. Stablecoins like Tether (USDT) and USD Coin (USDC) also came under fire. Krueger argues that USDT offers no upside potential and fails to pay interest despite prevailing 5% interest rates. In addition, he mentioned that USD Coin (USDC) depegged a few years ago and has seen a decline in assets under management (AUM).
Binance Coin (BNB) is criticized as it’s a “highly centralized exchange coin.” Moreover, Krueger suggested that its decline is inevitable as Binance faces regulatory challenges and its former CEO Changpeng Zhao (CZ) faces potential jail time. Similarly, Solana (SOL) is dismissed as a “completely centralized meme coin factory” prone to periodic shutdowns.
Furthermore, Krueger highlighted that SOL is down 40% against Bitcoin since 2022 despite its recent rally. Moreover, Ripple’s XRP is described as having “no actual use” and being primarily driven by its promoters. Whilst, Dogecoin (DOGE) is labeled a “literal joke” with no redeeming features or significant usage.
Meanwhile, Shiba Inu (SHIB) is labeled a poor imitation of Dogecoin. Other cryptocurrencies like Toncoin (TON), Cardano (ADA), and Avalanche (AVAX) were also criticized heavily. TON is dismissed as a “Telegram coin” with limited use and regulatory troubles.
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Bitcoin Maxi Takes Aim At ADA, NEAR & Others
In addition, Krueger describes ADA as a “useless PhD coin” promoted by someone skeptical of Bitcoin’s future, hinting at Cardano founder Charles Hoskinson. Additionally, AVAX is deemed worthless and underutilized. Krueger didn’t spare Chainlink (LINK), Polkadot (DOT), and Tron (TRX) either.
Furthermore, LINK’s utility is questioned, DOT is seen as overpriced and resting on its co-founder’s reputation, and TRX is labeled a “scammy network” largely used for Tether transactions. Bitcoin Cash (BCH) is considered a “useless fork of Bitcoin.”
Whilst, Near Protocol (NEAR) and Polygon (MATIC) are criticized for their complexity, lack of users, and poor performance. Moreover, Litecoin (LTC) is said to have no use case and Krueger believes that it exists due to its early inception. Additionally, PEPE, a frog-themed meme coin, is ridiculed for its high market valuation.
In addition, Krueger concluded that these altcoins are “really jokes” as they collectively boast a market cap of $500 billion, which is nowhere near Bitcoin’s $1.3 trillion valuation. His statements underscore his firm belief that BTC remains the only viable investment in the cryptocurrency landscape.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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