Heisenberg Capital, a cryptocurrency-focused venture capital firm, has recently claimed on social media it believes that “everything except BTC will die-off,” meaning it expects every altcoin on the crypto ecosystem to lose its value.
Via the popular microblogging platform Twitter, Heisenberg Capital claimed it is going to be “doubling down on Bitcoin Maximalism with new capital,” and reaffirmed a $100,000 bitcoin price prediction made in 2011. Its belief’s the market will eventually start “rejecting everything, except BTC.”
We see the market rejecting everything, except BTC.— Heisenberg Capital (@HeisenbergCap) May 5, 2019
This has been our dominant investing thesis since 2011.
We’re doubling down on Bitcoin Maximalism with new capital.
As BTC climbs toward our 2011 target of $100,000, we believe everything except BTC will die-off.
According to CryptoCompare data, one bitcoin is currently trading at about $5,740. Getting to $100,000 would mean the flagship cryptocurrency’s price increased by over 1,600% from today’s values.
Taking a look at Heisenberg Capital’s website shows the firm has invested in various cryptocurrency-related firms throughout the year, including cryptocurrency exchange like Kraken, ShapeShift, and Bitfinex. The latter has seen New York’s Attorney General accuse it of an $850 million cover-up, and recently fought back.
The VC firm was founded by bitcoin bull Max Keiser and Stacey Herbert. Keiser has, as covered, predicted BTC will hit $100,000 as it’s a monetary black hole that’ll “gobble up all fiat” money. Last year, he lashed back at billionaire Warren Buffett claiming BTC is a reaction to him and other “crony capitalists.”
Keiser’s bullish bitcoin price prediction is based on a potential ‘gold rush’ that’ll occur as BTC’s supply keeps getting smaller. Some theorize that next year, thanks to bitcoin’s halving, the cryptocurrency’s price is going to surge. Historically, every halving event has seen it happen.
On social media, various users contested Heisenberg Capital’s claim that every altcoin – including ether, Binance’s BNB, and XRP – will “die-off” and started pointing out that in 2017 bitcoin wasn’t the best performer, and that the theory seems to be a bit extreme.
That’s like saying everything but Google . com will die off.— 🇺🇸TheRippening🇧🇬 (@The_Rippening) May 5, 2019
In regards to the largest crypto use case; international money xfer, BTC will take as long as SWIFT once volume picks up.
Moreover, some users claimed the theory doesn’t make a lot of sense, taking into account Heisenberg has invested in cryptocurrency exchanges that focus on crypto-to-crypto trading pairs. If every altcoin died off, they would either have to adopt fiat, or would go down as well. Not only that, the VC firm has invested in altcoin projects like Storj, Minds, and EOS.fish, according to its own website.