Bitcoin has had its fair share of ups and downs. Supporters of Bitcoin have always been articulate about its resilience, or if we can go so far as to say, its ability to come back from the dead. Bitcoin has been declared “dead” in the mainstream media 434 times.
Despite the scores of times that various personalities and publications pronounced it dead, the asset continues to rise in value and be adopted by major institutions, even the prominent traditional finance ones. The plot below highlights the same.
The two largest cryptocurrencies, BTC and ETH, have both suffered a significant amount of FUD since their inception. Yet investors continue to put their faith and money in these assets, regardless of what phase of consolidation is underway.
Ross Gerber, CEO of Gerber Kawasaki Wealth & Investment Management discussed this phenomenon in an interview.
In his recent interview on Yahoo Finance, he praised the resilience of the two largest cryptocurrencies, using a single comparison.
“Bitcoin and Ethereum are like cockroaches, they’re just not gonna die…Bitcoin and Ethereum have been the best way to play these assets over the long term.”
They are here to stay
He went on to mention that both of these cryptocurrencies were on the verge of death, but would manage to come back stronger than ever:
“In the seven years, I’ve watched them almost get killed several times, and they continue to survive just like cockroaches have for thousands if not millions of years.”
On top of that, he was also quite loud about other tokens. He called other coins, with the exception of BTC, ETH and Binance Coin, “get rich” coins. Basically, he doesn’t want to do anything with cryptocurrencies that are of no use since he sees himself as a long-term investor.
Moreover, the chief executive raised alarms on the incoming “crypto winter” being inevitable.
“…so be aware Crypto and NFT lovers. It will be brutal.”
As seen in the past, these patches have been a struggle for the entire crypto sector. Any sustained period when the share of the first cryptocurrency fell below 40% was in January-March and April-June periods in 2018.
After that, BTC dominance recovered with the deeper altcoin crash, which was later called the crypto winter. Gerber has also warned investors in the past, urging them to avoid these “speculative” altcoins.
