Swan Bitcoin founder and proud Bitcoin maximalist Cory Klippsten has a word of caution for crypto bros: steer clear of the altcoin season hype. According to him, you might as well bet your life savings on the slot machines in Las Vegas.
“Just keep in mind that out of the 20 to 30,000 altcoins, only three have ever had a new all-time high, three or more years after their first all-time high,” he says.
Klippsten cites XRP, which saw its 2017 all-time high beat its 2013 all-time high.
XRP, the crypto that has probably caused the most hair loss for United States Securities and Exchange Commission officials in recent years, hit $0.06 in 2013 and skyrocketed to $2.85 in 2017.
As for the other two altcoin phoenixes? Klippsten isn’t too keen on praising them for returning to record highs.
“I don’t count Dogecoin because Elon [Musk] pumped it personally in 2021, but it was higher than its 2017 pump,” he says.
Klippsten notes that the BNB token is technically the other candidate but only awards it half a point.
Why? Because BNB wasn’t in the game for the entire bull market back in 2017.
“So it’s really two and a half because Binance only got half a pump in the bull market of 2017 because the coin came out in the summer of 2017,” he explains.
2009-2017: Bitcoin
2017-2023: Shitcoins
2023-forever: Bitcoin
— Cory Klippsten | Swan.com 🦢 #Bitcoin (@coryklippsten) June 6, 2023
Klippsten founded the Bitcoin savings platform Swan Bitcoin back in 2019. He’s a hardcore Bitcoin maxi with an impressive 219,000 followers.
Unsurprisingly the platform doesn’t offer memecoins, altcoins or shitcoins — just Bitcoin.
“Unless you’re an active shitcoin trader, you better be good because it’s a casino,” he declares, adding that in Las Vegas casinos, the “rake” is three to five percent depending on the game. However, he argues that in altcoin trading you’ll be facing odds stacked even higher in favor of the house.
“In shitcoins, the rake…
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