Top Fund Managers Think Bitcoin May Seriously Outperform Altcoins
- Many investors flipped bullish on Bitcoin relative to altcoins over the past few days.
- This culminated on Monday when BTC gained 3% while the price of top altcoins dropped by 1-10%.
- Analysts think this trend may continue for the forseeable future.
Bitcoin Could Outperform Altcoins in the Months Ahead
He added that he thinks that money will eventually flow back to altcoins when Bitcoin “is in the 40k-70k range.”
Su Zhu, CIO and co-founder of Three Arrows Capital, commented on the matter:
“Just from what I know from all of the institutions, all of the people I speak to, there is an enormous wall of money coming into this. It’s an enormous wall of money — just the pipes aren’t there to allow people to do it yet, and that’s coming. But it’s on everybody’s radar, and there’s a lot of smart people working on it.”
reasons for this are myriad but boil down to the fact that money is a coordination game and Bitcoin is the Schelling point; this is independent of how you feel about it, community is literally irrelevant
The two are seen as prominent investors in the space, having called many trends over the past few months.
His business partner Kyle Davies echoed this sentiment.
As Raoul Pal, CEO of Real Vision and a hedge fund veteran, said on the matter:
Many investors flipped bullish on Bitcoin relative to altcoins over the past few days as the leading cryptocurrency has begun to outpace its offspring. This culminated on Monday when BTC gained 3% while the price of top altcoins dropped by 1-10% across the board. Even Ethereum dropped around 0.5%, despite first rallying to match Bitcoin.
It’s worth noting that the macroeconomic trends that are driving the cryptocurrency space have a Bitcoin focus.
For one, institutions entering the crypto-asset space are focusing on BTC, and BTC only.
“$BTC going up swiftly is not only not bullish for alts but it’s bearish. reasons for this are myriad but boil down to the fact that money is a coordination game and Bitcoin is the Schelling point; this is independent of how you feel about it, community is literally irrelevant.”
Macro Trends Favoring BTC
$BTC going up swiftly is not only not bullish for alts but it’s bearish
“You’re about to find out why all of the rich OG’s hold mostly $BTC.”
In terms of monetary policy, Bitcoin should be the first to benefit from continued stimulus as it is seen as a direct hedge due to its scarce properties. Other crypto-assets may not have that same ability to act as a hedge due to them having higher inflation rates.
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Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Top Fund Managers Think Bitcoin May Seriously Outperform Altcoins
Analysts think that this trend will continue.
Business services company MicroStrategy accumulated 5 million worth of the leading cryptocurrency in August and September, shocking the investment world. Shortly after, Stone Ridge Asset Management, a more than billion fund manager, revealed it had managed to buy 10,000 Bitcoin.
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