The Most Powerful Crypto CEO Is Skeptical of Bitcoin’s Future

Tony "The Bull" Severino

5 years ago

3 mins read

bitcoin crypto brian armstrong coinbase skeptical

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Bitcoin was the first-ever cryptocurrency to be created, and the leader of the entire crypto market.

So then why is the most powerful crypto company CEO so skeptical of the asset’s future?

Bitcoin Tech Showing Signs of Age, Altcoin Attributes Shine

Bitcoin was first designed in 2008 by the mysterious, pseudonymous Satoshi Nakamoto.

The disruptive, decentralized cryptocurrency was the first of its kind and was built to solve the issues of any of the many digital currencies that came before it, such as double-spending and removing the need for a central authority.

But despite its futuristic intentions to eventually replace all fiat currencies on earth and become the sole global currency used across the world, the technology behind it is now ten years old and requires second-layer technologies in order to stay ahead of the competition brewing across the rest of the space.

Bitcoin is also relatively slow compared to the rest of the crypto space, and mostly serves the need for a store of value or means of value transfer.

Whereas the next largest crypto asset, Ethereum, offers a variety of attributes above and beyond what Bitcoin can offer, such as smart contracts.

At this point, there are thousands of altcoins in the cryptocurrency market, each offering something different than Bitcoin. The promise and unpredictability of the emerging asset class, has caused even the most powerful CEO in the crypto market to be skeptical of Bitcoin’s future.

I'm sure he would deny it, but it's interesting to me that the CEO of the world's most prominent Bitcoin-related company seems so skeptical of Bitcoin. https://t.co/mlekHKO3Iz

— Joe Weisenthal (@TheStalwart) March 4, 2020

Coinbase CEO Brian Armstrong Skeptical on Which Crypto Leads To Adoption

Coinbase CEO Brian Armstrong took to Twitter recently to talk about his recent fireside chat with Ben Horowitz.

During the tweetstorm, Armstrong revealed how the early internet developed, and how eventually better protocols came along that allowed for greater variety and developer creativity. It is these advances that caused the internet to become an everyday tool people use.

The parallels are used to demonstrate how young the crypto industry is.

https://twitter.com/brian_armstrong/status/1235309801397252096

Armstrong later concludes that he believes it is “still very much up in the air which blockchain” will bring crypto adoption from roughly 50 million users to 5 billion.

The Coinbase CEO also adds that the blockchain that manages to solve scalability, privacy, decentralized identity, and developer tool solutions will have the best chance of doing so.

https://twitter.com/brian_armstrong/status/1235311248700592128

However, those attributes are not currently major selling points of Bitcoin and are instead features of other altcoins found throughout the crypto market.

Bitcoin clearly has first-mover advantage and brand recognition, and while these features can be layered over the Bitcoin protocol, the technology behind the first-ever cryptocurrency is sorely lacking compared to other altcoins in the space.

It’s enough to cause even the most powerful CEO in the entire market to be skeptical about Bitcoin’s future. But what eventually unseats the leading cryptocurrency by market cap, is anyone’s guess – and potentially may not even exist yet.

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.