Simon Dixon Says Altcoins Exist Only To Acquire Bitcoin

In a post on X, investment analyst and Bitcoin supporter Simon Dixon said he philosophically agrees that the value altcoins may go to zero.

• Financial analyst Simon Dixon noted that many altcoins are aimed at acquiring more Bitcoin, particularly those that are pre-mined.
• He said he is “not sure if all of them will go to zero,” but philosophically agrees many may eventually lose value against BTC.
• Earlier this year, Adam Back, a prominent cryptographer, stated he has never owned altcoins and believes they will all go to zero, reinforcing the ongoing debate.

Financial analyst Simon Dixon said on Thursday that he’s not sure if the value of all altcoins will get wiped out, but reiterated that the digital assets are just a tool to get more Bitcoin (BTC).

“I’m not sure if all of them will go to zero, but the main use of altcoins, especially by those who pre-mine and print them, is ultimately to use them to get more Bitcoin,” he said in a post on X, while “philosophically” agreeing with the sentiment that altcoins are eventually going to go to zero against Bitcoin.

Bitcoin’s price was trading at $93,364, flat over the last 24 hours. The asset’s 24-hour trading volume was down by 14.57% in early morning trade. On Stocktwits, retail sentiment around Bitcoin remained in ‘bearish’ territory. 

Bitcoin vs Altcoins

The debate between Bitcoin versus altcoins is an ongoing strategic conflict where Bitcoin enthusiasts view the apex cryptocurrency as the dominant cryptocurrency akin to ‘digital gold’ and altcoin supporters advocate that BTC is outdated for modern use cases with decentralized finance and faster transactions. 

Earlier this year in July, Adam Back revealed that he never owned altcoins and believes that “they are all going to zero”. Back, who is a British cryptographer and computer scientist, was one of the few on the mailing list of individuals responsible for circulating Satoshi Nakamoto’s Bitcoin white paper in 2008. He is also credited as the inventor of the Hashcash proof-of-work (PoW) system that Bitcoin runs on. 

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