Summary
- Cory Klippsten, CEO of Swan Bitcoin, said “altcoins are effectively dead” in terms of competing with Bitcoin as money.
- Klippsten said Bitcoin could form a bottom in October, adding that in past bull markets, a bottom formed about 12 months after the peak.
- He said altcoins, the digital-asset industry, decentralized finance (DeFi) and centralized digital-asset businesses will ultimately be absorbed into the traditional financial regulatory framework.
Altcoins are no longer viable competitors to Bitcoin as money, Swan Bitcoin Chief Executive Officer Cory Klippsten said.
Klippsten told Cointelegraph in an interview published Aug. 15 that “altcoins are effectively dead” when it comes to competing with Bitcoin as money.
He also said Bitcoin could form a bottom in October. Bitcoin rose above $126,000 in early October last year to reach a record high, and in past bull markets, a bottom formed about 12 months after the peak, he said.
Klippsten was skeptical about altcoins more broadly. The best outcome for the digital-asset industry and decentralized finance, or DeFi, is to be absorbed into traditional finance, he said. Centralized digital-asset businesses will ultimately be folded into the regulatory framework as exchanges or financial institutions.
He cited Hyperliquid as an example. “Hyperliquid is a business and it holds tokens,” Klippsten said. “If it is a centralized business, it will eventually fall under traditional financial regulation.”
Disclaimer: The market is risky, and investment needs to be cautious. This article does not constitute investment advice. Users should consider whether any opinions, views, or conclusions in this article are in line with their specific circumstances. Investment based on this is at their own risk.