Fold CEO Warns Altcoins To Remain Speculative, Says Bitcoin’s Market Dominance ‘Something That Can’t Be Reversed’
The chief executive of Bitcoin (BTC) financial services firm Fold is issuing a warning about altcoins, saying that the crypto king’s market dominance isn’t something that will backtrack. In a new interview with CNBC Television, Fold CEO Will Reeves says that the top crypto asset by market cap’s recent new all-time high was due to a combination of high institutional demand and low supply. “This is what happens when massive demand meets the finite supply of Bitcoin. And what we’re seeing right now is the supply shock in motion. So I’d certainly say what we are seeing is the fundamentals of Bitcoin in play… What we’ve seen recently with the rise of Bitcoin treasury companies, the ETFs (exchange-traded funds) is that entirely new classes of capital are able to invest in the asset. What we’re seeing is what happens when trillions of dollars start knocking on the door – the price tends to go up.” According to...