The founder of Litecoin, Charlie Lee, advises that all cryptocurrency traders, investors, and enthusiasts own at least 1 Bitcoin before buying any of the thousands of different altcoins. Lee goes as far as saying that people should buy a whole Bitcoin before buying any Litecoin. He references a meme of comic book superhero Dr Strange, where Dr Strange uses his time traveling device to explore all the possible realities and concludes that Bitcoin survives in all realities.
There will be at most 21 million bitcoins in existence. There isn't even enough BTC to go around for EVERY millionaire to own one. So before you buy any other coin (LTC included), try to own at least 1 BTC first. 🥅
Once you have 1 BTC, buy all the shitcoins you want! 😂 pic.twitter.com/bc3xKKGB0m
— Charlie Lee (@SatoshiLite) July 17, 2018
Currently, owning 1 Bitcoin is already a hard task for most people, as of this writing on 18 July 2018, each Bitcoin costs USD 7,450. Lee’s logic is sound, though, as there are is a maximum supply of 21 million Bitcoins, not to mention the millions of Bitcoins thought to have been lost.
Bitcoin is the gold standard of the cryptocurrency world – its reputation and use far exceed any other crypto, so as cryptocurrency becomes mainstream, Bitcoin will be the first cryptocurrency wealthy investors choose to buy. Like Lee says, there are fewer Bitcoins than millionaires in the world, so should Bitcoin become common in investment portfolios, it will be impossible for all the millionaires in existence to buy an entire Bitcoin.
Currently, the Bitcoin market cap is only USD 127 billion. As institutional investment becomes common, it could go higher than USD 1 trillion, which would translate to Bitcoin prices of USD 100,000 or more. There is USD 90 trillion of ‘physical’ cash in the world, including all the banknotes and bank accounts, so a USD 1 trillion market cap can be achieved with a mere 1% of the world’s money being put into Bitcoin.
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