The lead maintainer of the Moreno project, Riccardo Spagni has thrown his weight behind the most valuable cryptocurrency bitcoin after a sharp price decline which has raised concerns about the future of the cryptocurrency.
Spagni popularly known as ‘fluffy pony’ believes that bitcoin has developed to a point where it would be difficult for it to fail.
“I think that there is too much brain power, research, adoption, and money that has been poured into Bitcoin for it to fail. I truly believe that. Obviously, there’s always a chance but I think that the chances a Bitcoin failing are at this point infinitesimally small I think the chances of every other altcoin failing are higher.”
Fluffy pony made the remark in an interview while responding to a statement by crypto influencer Whalepander which suggests bitcoin was being overrated when compared to other crypto projects.
Several digital currencies have been created by innovative minds in the crypto industry either to address the shortcomings of bitcoin and other coins or to add more functionalities and features. Projects like EOS, Ripple, Tron, Stellar and more are just a few attempts to improve the functionalities and expand the use cases of cryptocurrency. There have been debates as to which of the crypto assets would replace bitcoin as the most popular and become widely adopted for mainstream use.
But a set of crypto enthusiasts referred to as ‘bitcoin maximalists’ believe that bitcoin will remain above all other digital currencies. Despite concerns about its functionality and scalability, these supporters are adamant that bitcoin [BTC] will remain the benchmark for the cryptocurrency sphere. WhalePanda thinks this is “a bit toxic” for the cryptocurrency ecosystem.
Spagni’s vote of confidence comes as bitcoin struggles below the $5,500 mark after it lost a key support at $6,500 to slump more than 10 percent in 24 hours. Following this analysts at Bloomberg have suggested that bitcoin will drop further to $1,500 effectively losing most of its gains in the last two years.
But bitcoin is not suffering alone; since the proliferation of crypto assets in the last few years, bitcoin has seemed to dictate the market. A slump in bitcoin prices more or less means a bloodbath in the entire cryptocurrency market. This explains why bitcoin maintains over 50 percent of the entire crypto market share even after its price has gone down from the all-time high of almost $2,000 in December to around $5,500 today.
As Smartereum reported, a poll taken a day after the latest bitcoin slump showed that majority of people will still pick bitcoin as a long-term investment than more conventional investments including Gold, U.S. 10-year Treasury bonds, and the U.S. Federal Reserve Notes. A participant in the poll conducted by former congressman U.S. Congressman Ron Paul noted that persons between late 20s and 30s will likely opt for bitcoin as an investment for the future.
Spagni too is unfazed by the current bitcoin downturn. He reiterated the promise of bitcoin to revolutionize current systems by bringing decentralization—though he has doubts that bitcoin will totally wipe away government and centralized bodies as crypto purist often preach.
“It’s like the entire world waking up and saying, ‘you know what sucks? Human government. You know what we’re going to do, we’re gonna have a new form of government that doesn’t involve humans. I mean it’s like that might happen but the chances are it’s not gonna happen because we’re dumb and we’re human and we’re imperfect,” he explained.
Solomon Sunny is the market reporter for Smartereum, one of the global leaders in Ethereum, blockchain and currency news. He produces technical price updates on digital currencies and writes recent developments about blockchain.