Cryptocurrency

Here’s Why Bitcoin (BTC) Is the Fastest Horse in the Race, According to Macro Analyst Lyn Alden

Here’s Why Bitcoin (BTC) Is the Fastest Horse in the Race, According to Macro Analyst Lyn Alden
Written by Arindam
Here’s Why Bitcoin (BTC) Is the Fastest Horse in the Race, According to Macro Analyst Lyn Alden

Macro strategist Lyn Alden says Bitcoin (BTC) will surpass all other digital currencies to become the dominant form of money.

In a new interview with the What Bitcoin Did podcast, Alden says the race for dominance is between BTC and central bank digital currencies (CBDCs).

“I think the digitization of money is inevitable, and then the question is, ‘Which type becomes dominant?’ Is Bitcoin strong enough to push back on government control over it, or does it run into a number of shortcomings and governments are able to make their CBDCs rather dominant? And I err towards Bitcoin being successful long term. I think it has the properties.

It checks off a number of boxes, and even the boxes it doesn’t check off are within sight of being able to be checked off as technology improves and as it just gets more widely held, and it becomes better. So I think longer term, I think Bitcoin… You can call it the fastest horse in the race. It’s I think the best thing to bet on, even though for most people I wouldn’t recommend 100% allocation to Bitcoin, but I think it’s something silly not to have any of at this point.”

Alden notes that Bitcoin is an asset that isn’t some other entity’s liability, unlike equities, bonds or currencies. The macro analyst also notes BTC is more portable than gold and can be used for “censorship-resistant” payments.

“It has a variety of use cases, and so I think in addition to being an investment, in addition to being savings, it’s also insurance. It gives you that optionality in a way that other assets don’t.” 

Bitcoin is trading at $37,897.06 at time of writing, down more than 17% in the past month.

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Featured Image: Shutterstock/Kartavaya Olya/Konstantin Faraktinov

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Arindam

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