Despite king crypto, Bitcoin is the center topic all around, surging prices of many other altcoins are equally attracting the investors and traders. When Bitcoin held its same price for a long time, an American footballer shifted his focus from Bitcoin to Altcoins and unfortunately lost his money. However, he still believes that Bitcoin has got enormous potential.
American Footballer Lost Money in Crypto
Bitcoin promoter Anthony Pompliano has featured his new episode with Caleb Pressley, an American footballer as his guest. The footballer revealed how he lost all his money by moving his bitcoin holdings to some other altcoins.
Pressley, a quarterback for the North Carolina Tar Heels Football Team, expressed his attraction towards Bitcoin and also said that it would grow still more. Elaborating on the phase where he lost all his money, Caleb said that he bought his first bitcoin in 2017. And within a few days, he earned double the amount had invested.
However, when the price of bitcoin slowed down, his focus shifted towards other altcoins. He said that the other altcoins were growing by 30-300 percent but bitcoin was below 1 percent. And this made him move all his money from Bitcoin to other altcoins. And eventually, he lost all his money with the bearish trend.
Why is Pressley Still Believes in Bitcoin?
Pressley who once had lost all his money on altcoins believes that bitcoin would be more popular and adopted by the masses. He elaborated that the world is becoming more digital now, as most of the people talk to each other virtually (even being at the same place).
Therefore in this digital world, Bitcoin could be considered as a store value by many millennials and Gen Z. As going with the trend, younger people would be more interested to look at bitcoin as a means of investment.
A Small Group of People Could Hold All Bitcoin in the Future
Pressley, discussing the concerns he has with Bitcoin, told Pomp that he fears for a more strict and rigid regulatory environment. He said that,
“If it goes big, then banks and governments will not be happy and will start taking regulatory measures.”
Also, Do you know that Schiff and Pomp’s Live Debate on Bitcoin and Gold Was No Less Than Fire ?
Bitcoin, the crowning cryptocurrency is currently trading at $11865 against USD. At the press time, the value is plummeting by 1.04 percent within the past 24Hrs. As a known fact that bitcoin is limited to 21 million coins and the last coin would be mined by 2100. Therefore, this made room for concern for Pressley who said that a small group of people might own all bitcoins in the future.
Pomp responding to his concern said that the same is happening with fiat currency. He said,” The same is happening under the current legacy financial system and could indeed happen with Bitcoin. This would just mirror the fiat system, but perhaps it cannot be avoided.”