Is Bitcoin Going to Bury All Other Cryptos and Altcoins?

Video Transcript:

alright guys so welcome to this video I’m joined here by trader and chart analyst Peter Brent but doesn’t you know no no Peter he has been a trader now for almost 40 years author of several great books puts a bio here for you guys so you can quickly read it as well now in this section of the video what I want to ask Peter is something quite basic and my question is simply computer is this which particular crypto which particular cryptocurrency does he think or D I’m gonna actually ask you dispute arose you there by the way Peter is joining us in Minnesota he’s been telling us it’s quite cold out there is it still cold free there Peter just like yourself as a desert guy from Arizona this is freezin that meet the weather and then soba yeah anytime I hear anything about Minnesota as always is cold but you said you get some really hot summers there too right it can be brutal and in the summertime is brutal so my question Peter is this I noticed a tweet of yours I think I was at a tweet or something you said I think it was recent and you said the cryptocurrency story is about Bitcoin not about the other cryptocurrencies no just let you know guys that is Peter’s point of view and he’s entitled to it but I want to know what is what is his reason for it and what I know what is your justification for that so is it my understanding Peter that you think that the cryptocurrency movement in other words the cryptocurrency narrative the story is really about Bitcoin and we should be focusing on Bitcoin not so much on the other cryptocurrencies and altcoins like aetherium litecoin or although i noticed you mentioned in this webinar we did that you you do kind of pay attention to your theory ‘m but you don’t really care much about the other cryptocurrencies altcoins like presumably that would be ripple and you know like well i don’t want to mention them but the other all coins but you you pre think this is more about bitcoin not the other guys okay did I get it right or did I get it wrong and of course you know there’s a lot of people have their pet coins and they totally believe in the story and the narrative behind these coins and I you know I I don’t want to be in an argument over or the various narratives about some of these other coins and you know they certainly have solid storage still but you know ultimately you know what I don’t know how many coins were up to you know fifteen hundred coins or whatever I think 99% of them end up worthless at least and that’s in the best that’s in the best scenario I actually think that 99% perhaps of the alt coins out there potentially could be worthless oh I absolutely do and I could be a low estimate I’m and so you know I don’t know last I checked there’s over a hundred exchanges I think there’s gonna be some really bad stories to be told on that you know there’s some real hurt that’s going to happen now but some of these exchanges then another there’s there some foundational structural problems with the in the crypto industry but you know ultimately bitcoin is gonna be the legacy coin and I’m in on some of this I have not taken upon myself to become an expert in in the underlying fundamentals rather I rely on people who who I think are really really smart people and understand this and I take some guidance from them but it’s just like in in in the world of fiat currencies ultimately the dollar can go up the dollar can go down the euro currency can go up it can go down the yen can go up and go down you remove the US dollar from global finance in the world seizes up yeah the US dollar lubricates the world of global finance and commerce it is the driver it global global commerce as we know it doesn’t exist without without the US dollar and I think eventually the same thing can be told among all these crypto currencies it ...