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RE: Why Bitcoin Could Reach $23,000 Soon
Thank you for the comment abiotic. I have no doubt there will be confusion, but what do you think the default is going to be when they see:
- Bitcoin first on Coinbase
- Bitcoin first on CoinMarketCap
- Bitcoin having the actual name "Bitcoin" and nothing else just like most people refer to in newspaper articles and on TV and in conversations
I don't think many people will mistakingly go for Bitcoin Cash. I think most people who get Bitcoin Cash will be because they genuinely believe it is better or because they think it has higher potential for returns (which partially goes along with what you said, but not fully as Bitcoin obviously has proven much higher returns in long-run since it actually has a long-run).
Of course they will see Bitcoin first. Bitcoin is first. But I think that the confusion that will come from seeing Bitcoin Cash second will result in people wanting to research.
If people see Apple and Apple cash (Apple Cash as an example) they would think "WTF, What's the difference?" Once they investigate the difference, they'll decide it's worth the extra ten minutes (In their inexperienced minds) to research the next largest crypto. Whether that's Bitcoin Cash (because it's second on Coinbase), Ethereum (because it's the next listed crypto that isn't "Bitcoin") or Ripple (because of CoinMarketCap), They will begin their exposure to alternatives to Bitcoin.
I have a feeling that Reddit will begin to play a larger part in this ecosystem as time goes on, mostly because it is a very active community. Especially because, as everyone knows, this is a very overbought, overhyped market.
I have a feeling that the confusion that will be brought on by Bitcoin Cash will have a very bullish (in the long term) effect for Altcoins.
My question for you is; if people look as CoinMarketCap and see 250% gains on Tron, with 5% on Bitcoin, what are people going to impulsively start doing? Personally, I think that we are still in the early stages, and because of that, Altcoins are going to continue to gain relative to bitcoin.
However, Bitcoin is not going to go away. I would not be surprised to see Bitcoin hit $500,000,000 market cap. But it is my estimation that bitcoin does not hit 50% again until there is massive mainstream (read ill-informed) adoption of Crypto.
You don't account for the fact that a lot of these news outlets are saying BTC is in a bubble, not the crypto market is in a bubble. So when new entrants discover all these other currencies that they aren't being told are in a bubble, they see more of an opportunity.