This Crypto Analyst Says, “Do NOT Buy Bitcoin (BTC) If You Want to Get Rich”
Global investors have been betting on Bitcoin (BTC) over the last decade making humongous wealth at 200% compounded returns year-over-year. However, popular crypto analyst Lark Davis believes that now is not the right time to buy Bitcoin (BTC).
Davis refers to Bitcoin as the reserve assets of the crypto markets calling it Gold 2.0. At this point, Davis sees Bitcoin (BTC) as a good place to store wealth rather than a wealth multiplier.
As the crypto market continues to evolve further in terms of DeFi and NFTs, Davis sees more money here as well as some potential altcoins. He explains:
“Altcoins right now consistently give better gains. Over a longer time frame many under perform versus BTC, but right now is the time when they are out performing. If you are a 9 to 5er and want to escape the rat race then BTC is not your ticket. You need altcoins to make it”.
The crypto analyst adds that there have multiple altcoins and NFTs giving 100x returns this year itself. Davis notes that Bitcoin stands no chance of giving such returns in the near time.
Moving Money From the Alts to Bitcoin
Davis agrees to the fact that altcoins remain a riskier bet, especially for the lower cap coins. However, he adds that, unlike Bitcoin, you don’t have to hold them forever. The crypto analyst adds:
A solid “make it” strategy is to generate wealth on low caps and then take profit on that high risk money and move it into low risk plays like BTC and ETH.
Davis notes that the biggest upcoming catalyst for Bitcoin will be the approval of the first U.S. Bitcoin ETF. “Gold pumped by nearly 400% when it got its ETF. If that happened to BTC then imagine how much altcoins will pump? 400% for BTC… 1,000% for top alts, 10,000% for low caps,” adds Davis.
For those interested in Bitcoin, Davis notes that the Dollar-Cost-Averaging (DCA) is a great way to gain exposure to Bitcoin. While the Dollar value will continue to fall, BTC will continue to rise.Source