Held also elaborates why he believes Bitcoin could turn into a “very boring” asset and the need to move away from altcoins.
Bitcoin is well known for its unpredictability, but Held believes that it won’t remain in the same manner forever. He refers Bitcoin as digital gold. On that basis, he anticipates that there will be sharp increase in the asset’s market capitalization.
“Bitcoin in its final stages decades from now will be something very boring. Like our grandkids will go, ‘Grandpa, Grandma, I only hear about Bitcoin. Everyone’s got Bitcoin.’ It’s like, who cares? Like it’s a boring investment. It’s like holding cash.”
Held forecasts Bitcoin to command a market value of between $5 trillion and $100 trillion in the final phase. Such a scenario would make Bitcoin transform from being a highly volatile asset to a “very boring” currency.
Held’s trust in Bitcoin is unwavering. Thrice, he has witnessed its net worth increase and decline 80%. Still, 90% of his network is based on the value of Bitcoin he holds.
His reluctance to invest in alternative assets is based on strong belief that blockchain technology is appropriate for only Bitcoin.
“Satoshi purposely built blockchain tech to build Bitcoin. Blockchain tech sucks. It’s terrible. It makes so many tradeoffs to build Bitcoin that it is basically ineffective for almost anything else.”
On that basis, he uses the phrase “Bitcoin minimalism” to show his resentment towards Vitalik Buterin and does not find a cause for altcoins to prevail.
Held believes that altcoins are only trials conducted to demonstrate the usefulness of blockchain which is the underlying technology of Bitcoin.