Prominent Trader to Exchange Altcoins for bitcoin in Full Scale

[TL; DR]

The development and introduction of BTC NFTs, BRC-20 tokens and Bitcoin Virtual Machines have enhanced the investment potential of BTC.

Ran Neuner, Michael Saylor and Crypto influencer Benjamin Cowen believe that BTC is the best crypto to invest in during the next Bull Run.

Recent developments on the Bitcoin blockchain show that BTC can compete with Ethereum coin (ETH).

Introduction

Over the years there has been a consistent pattern in performance of cryptocurrencies on the market. At times altcoins dominated the market during altcoin seasons. Nevertheless, there were times when Bitcoin also dominated the market. One reason why some investors choose to invest in altcoins is because many of them are utility tokens which people can use to make payment for specific services or products.

However, the recent developments on the bitcoin blockchain have created a greater demand for BTC than before. This blog post covers how a renowned crypto influencer, Ran Neuner aims to liquidate his altcoins and invest in bitcoin. We will also cover the compelling reasons for his sudden change of crypto investment choice.

Crypto Influencer Ran Neuner to liquidate altcoins in favour of bitcoin (BTC)

The recent developments on the Bitcoin blockchain have resulted in greater demand for BTC as many investors believe that its value will soon rise. One altcoin advocate, crypto influencer Ran Neuner, is an example of a cryptocurrency investor who has promised to sell his altcoin holdings and acquire bitcoin.

Neuner made the revelation that he wants to shift his crypto investment from altcoins to bitcoin through his podcasts. He made that preference as he anticipated a bull run. There are several reasons for his decision which include a possible economic meltdown and increasing government regulatory pressures. According to Neuner, bitcoin is a better stable asset than altcoins, even during times of economic downturn.

Also, Neuner has another good reason for choosing to invest in BTC. He believes that when the economy is not performing well investors will shift their investments from more volatile assets like altcoins to gold. In this respect Neuner said, “In the face of governments acting impulsively, people will inevitably gravitate towards gold.”

Historically, when the economy was in turbulence many investors used to invest in commodities like gold because they would maintain fair stable values for long periods and had higher chances of appreciation. Although the value of gold is increasing Neuner believes that a time will come when many investors will shift their funds to BTC investment.

A sad fact is that many central banks which claim to have a lot of gold, cannot prove that since it is not verifiable on the blockchain. On the contrary, it is easy to prove the amount of BTC that exists. To this effect Neuner said, “At some juncture, a government or central bank will falter in its dealings with gold… This will drive people towards Bitcoin.”

Bitcoin’s scenario is different from that of gold because it has a fixed maximum supply of 21 million which is verifiable on the blockchain. This makes BTC a safe haven for investors. Also, individuals can easily buy or sell BTC. Neuner’s shift in point of view shows a promising future for BTC and bitcoin options.

Reasons why crypto influencer Neuner Believes in the renewed potential of Bitcoin

Basically, the bitcoin evolution that occurred in the first quarter of 2023 has given Neuner and other bitcoin enthusiasts a reason to strongly believe in it and invest in BTC. According to Neuner, Bitcoin ordinals have increased the functionality of the blockchain leading to rising demand for BTC. He said, “Bitcoin has pivoted from being a store of value only to being a competitor to Ethereum.”

As a fact, the advent of the Ordinals Protocol enables individuals to create NFTs on the bitcoin blockchain by inscribing data such as text, music and videos on the Satoshi, BTC’s smallest unit. Historically, the introduction of BTC NFTs on the blockchain earlier this year led to the surge of the value of Bitcoin. Analysts, therefore, believe that Ordinal Inions will help to keep the demand of BTC high.

The ability of the Bitcoin blockchain to generate BRC-20 tokens and run smart contracts has created additional impetus on its demand. Specifically, the capability of the blockchain to create BRC-20 tokens was a breakthrough development for the network. So far, more than 8,500 BRC-20 tokens have been created on the blockchain. However, the majority of these tokens are memecoins like UTXO, BC1P, Hash Ordi, Meme, Pepe, Punk, OG, Xing, Nals, Ords, MTRX, Rare, RSSC and Domo.

BRC-20 Tokens - Twitter

Michael Saylor, the former CEO of MicroStrategy contends that the introduction of BRC-20 tokens is a bullish sign for BTC. He said, “What happened with Ordinals and NFTs is we crossed this chasm from what was a bearish scenario to a bullish scenario. If I was a miner I would be ecstatic.”

Read also: Gate.io Becomes Leading BRC-20 Exchange

Another notable development that shows a bright Bitcoin future was the introduction of the Bitcoin virtual machine. Essentially, the Bitcoin Virtual machine is a software platform used by developers to create decentralized applications (dApps) on the blockchain. As the number of Dapps on the blockchain increases the demand for BTC will rise which is likely to push its value up.

Read also: With BRC-20 Becoming A New Blue Ocean, Is Bitcoin Becoming

It is not just the technical advancement of bitcoin that has lured Neuner to invest in BTC. He now believes that Bitcoin and its infrastructure, in totality, give a better prospect than the altcoins.

He expressed his sentiment through a rhetorical question when he said, “We have really, really, really gone into a new era now on Bitcoin… Would I rather be investing in small altcoins somewhere else? Or would I rather be investing in amazing infrastructure being built on the Bitcoin eco?”

Neuner is not the only person who anticipates the price of BTC to rise. Crypto influencer Benjamin Cowen who is also the CEO of Into The Cryptoverse, through a YouTube video, said that the altcoin market is risky since these tokens/coins are in an unatic downward trend. On the contrary, the recent improvements on the bitcoin blockchain positions BTC as a great contender against Ethereum.

The implication of this is that it is wise for individuals to invest in BTC rather than sell bitcoin. In all, there is no question that the recent bitcoin evolution puts BTC on a new frontier of investment. Investors can buy bitcoin or sell it on various decentralized and centralized exchanges like Gate.io.

Conclusion

Ran Neuner, Michael Saylor and Crypto influencer Benjamin Cowen are examples of people interested in BTC investing as it shows high potential for profitable returns. Some of the recent improvements that have attracted many investors include the introduction of Ordinal Inions, BRC-20 and Bitcoin Virtual machine. Gate.io is one of the most secure centralized crypto exchanges to buy and sell BTC.

FAQs

Is Bitcoin a good choice to invest in?

Bitcoin is a good cryptocurrency to invest in because of the recent developments on the blockchain which include the Ordinal protocol and the introduction of the BRC-20 tokens. Also, it is the number 1 ranked cryptocurrency based on market capitalization.

Can I invest $100 in Bitcoin?

You can invest $100 in Bitcoin since there is no established minimum amount to do so. An investor can also buy and hold a small fraction of BTC such as 0.001 which currently costs around $27.17.

Is bitcoin worth investing in 2023?

An investor can buy Bitcoin in 2023. The recent developments on the blockchain may lead to the rise of BTC price in the near future. The Bitcoin halving event expected to take place in 2024 may also push its price up.