Gensler’s Bold Claim: Bitcoin Will Survive, but Altcoins? Not So Much…

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The crypto world woke up to a rather peculiar Thursday after Jerome Powell, the head honcho of the US Fed, decided to throw a little monkey wrench into the economic gears by warning that tariffs could slow down the economy and push inflation into overdrive. Despite the drama, Bitcoin managed a tiny leap to $84,312, and Ethereum inched up to $1,596. The overall crypto market cap gave a little shimmy to $2.64 trillion. Some altcoins—like XRP, Solana, Dogecoin, Cardano, and Chainlink—saw modest gains of up to 4%, while others like BNB, Tron, Sui, Litecoin, and NEAR took a dip, losing as much as 3%. It’s a mixed bag, much like your uncle’s fruit salad—some good stuff, some questionable bits, and all a bit too soggy.

Now, enter Gary Gensler, the former SEC chair who seems to have developed a bit of a ‘told-you-so’ complex. In a particularly riveting CNBC interview (where he didn’t even try to throw a party for the altcoins), Gensler doubled down on his view that Bitcoin is the chosen one. He essentially said, “Bitcoin’s here to stay, but most of those other coins? Not so much.”

Gensler, in his infinite wisdom, claimed that Bitcoin’s secret sauce is its global appeal. Everyone loves it, apparently. From the deserts of Dubai to the coffee shops of San Francisco, Bitcoin has caught the world’s attention. He compared it to a shiny new precious metal (we’re guessing it was gold, but who’s really counting?), suggesting that Bitcoin might just pass the test of time, like some ancient artifact that’ll be passed down from generation to generation. Your great-great-grandkids could be trading it for virtual reality real estate.

Altcoins? Mostly Hype, Says Gensler

According to Gensler, most altcoins are nothing but inflated balloons, and not the fun kind you see at birthday parties. They lack what he calls “solid fundamentals” (which, frankly, sounds like a fancy way of saying “they’re a bit rubbish”). He believes the entire crypto market thrives on hype, with people trading assets based on rumors rather than any real value. In other words, the crypto market is like a high school popularity contest, and most altcoins are the kids with questionable fashion choices and no friends.

Regulation, Risk, and Real Value

Gensler didn’t name names (because that would be too much fun), but he basically told investors to focus on the basics before diving into the crypto world. No more throwing your money at the latest “hot coin” just because your neighbor’s cat has a Twitter account dedicated to it. He also didn’t miss an opportunity to reiterate how sentiment-driven the crypto space has become, which means most altcoins have about as much substance as a soap bubble on a windy day. They’ll probably pop sooner rather than later, and it’s not gonna be pretty.

Gensler Doesn’t Own Crypto—But Still Sees Bitcoin’s Future

And here’s the kicker: Gensler doesn’t even own any crypto himself. Yep, that’s right—he’s telling you to believe in Bitcoin while sitting pretty with zero crypto in his portfolio. It’s like your gym instructor telling you to work out while they’re sitting on the couch with a pizza. But despite his lack of personal crypto holdings, Gensler is still convinced that Bitcoin is as strong as gold. If you’re looking for something to survive the next financial apocalypse, Bitcoin might just be your best bet.

Gensler’s comments come at a time when Bitcoin is sitting comfortably as the digital store of value, while altcoins continue to get poked and prodded by regulators and skeptical investors. It’s like Bitcoin is the cool kid in the crypto cafeteria, and the altcoins are the ones trying to figure out where they fit in.

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Altcoin vs Bitcoin

As it stands, we are in the midst of something called Bitcoin Season, which is exactly what it sounds like—Bitcoin is the star of the show, and most altcoins are stuck holding the snacks. Bitcoin’s dominance is cruising at around 62.5%, which is almost a four-year record. Meanwhile, the Altcoin Season Index is sitting pretty at a measly 16, which means only a handful of altcoins have even bothered to put up a fight against Bitcoin in the last 90 days. But before you start crying into your altcoin portfolio, remember: Bitcoin’s dominance is often a precursor to an altcoin rally. So, traders are watching the charts like hawks waiting for a sign of any movement. It’s like waiting for the kettle to boil… but more exciting.

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2025-04-17 14:53