Thread by @AriannaSimpson

1/ The general crypto narrative seems to be drifting back to bitcoin maximalism, so I wanted to share a few thoughts on bitcoin relative to the rest of the crypto market:

2/ BTC has clearly outperformed most other cryptoassets by a wide margin YTD. Expecting that this will always be the case (or that holding only BTC is the right move) strikes me as foolish.

3/ Why? First off, there is a strong recency bias in the crypto community (and in the investing world at large, tbh). Just because something has been the case lately does not mean that will persist in perpetuity.

4/ Those who have been in this space for many years should recall that this is by no means the first time the pendulum has swung back and forth -- in 2017 bitcoin was old news and it was all the shiny new layer1s that were going to take over the world.

5/ In reality, ETH was a better performing investment for many (even when considering the major correction of 2018!) than BTC was. So BTC remains king, but discounting everything else is silly.

6/ Anyone who knows me (or has followed me on twitter for more than 5 minutes) is aware of how bullish I am on BTC. If I could only hold a single asset, BTC would be it.

7/ But given the numerous high caliber of teams who are building crypto networks, I think it is incredibly unlikely that over a period of several years the entire rest of the market amounts to nothing. Not to mention, other chains will serve different functions!

8 / I actually don't believe many other cryptoassets are even directly competitive with BTC -- if it captures the "digital gold" category, there is no reason other cryptonetworks cannot own other categories (compute, storage, etc etc).

9/ So in sum, I believe claims that "alts are dead" and bitcoin alone will make it are nonsensical. I am most definitely long BTC. But call me after you've tried deploying an app on bitcoin versus ethereum -- alternative chains might not seem so useless after all! 🙃