A popular crypto analyst says one big milestone will determine which altcoin can challenge Bitcoin’s (BTC) dominance.
In a new strategy session, the anonymous host of InvestAnswers tells his 444,000 YouTube subscribers that the blockchain to first amass one billion users will dominate the market.
“It all goes back to Metcalfe’s Law and adoption. So the faster the development, the more value created. And the more value created, the more users. And the more users, the more value of the actual chain itself.”
Metcalfe’s Law states that the value of a network is directly related to the number of users it has.
He says there is more innovation taking place on altcoin blockchains than on Bitcoin, which will boost value and attract more users.
“The number of developers on other blockchains is far higher than Bitcoin. Therefore, I do believe more value can be built into other chains beyond just stores of value and payments to do a whole bunch of different stuff. And that will drive more users which will bring about a much bigger network effect which will increase the value of the blockchain. That is key.”
He says that reaching one billion users is the target to achieve dominance in the crypto space, the same goal Solana (SOL) set when it first launched.
“Now the winning layer one or the winning blockchain will be the first to onboard one billion users. I have been talking about this for a while. A lot of leaders of blockchains are beginning to jump on that same narrative. This always came from the original Solana goal. Now [Ethereum creator] Vitalik Buterin is talking about a billion users as well.
So the race is on. Which chain will hit one billion users first? And that is it. The chain that has a wallet with a billion users wins the day. Therefore, you could argue you need to have some alts in your bag.”
I
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inboxCheck Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/alleachday/Fotomay
The post This Will Be the Crypto Asset That Challenges Bitcoin (BTC), According to Popular Analyst appeared first on The Daily Hodl.
