nChain’s BSV Leader Craig Wright Believes The Altcoin Market Has A Bleak Future Ahead Of Them


The crypto winter, as many people are calling the unfortunate bear market, has been responsible for losing about $100 billion from the market cap of the entire world. Many people have said that the only real cryptocurrency is Bitcoin, including Craig Wright. Wright has been an avid supporter of Bitcoin SV, but he’s predicted that altcoins in the crypto market have a lot of suffering ahead of them.

The nChain chief scientist posted this statement on a tweet, saying that the altcoin market will see their true demise in 2020 during the summertime, believing that many developers will abandon their projects or see legal action.

The tweet said,

https://twitter.com/ProfFaustus/status/1096524593416884225

Two of the coins that are well known for their privacy, Monero (XMR) and Zcash (ZEC) were the subject of Wright’s attack. He alleged that their future would include fraudulent tax crimes eventually.

Tweeting on those two coins, he said,

“Those thinking Zcash, Monero etc are even remotely anonymous will start being charged with tax evasion.”

After a comment from another Twitter user, Wright noted that the predictions he stated on Twitter will be presented with additional findings before the year is over. He pointed out that, despite the aforementioned coins being “privacy-centered,” the government is still able to monitor the payments.

Specifically, he said,

“Very I present it later in the year. The method is developed Law enforcement can monitor without informing you.”

As of this morning, Bitcoin is responsible for holding 52.7% of the crypto market for the entire world and has a market cap of $63.84 billion. The altcoin market, as a whole, is at $57.33 billion, which is almost $6 billion more than last week. Bitcoin SV, the hard fork that Wright supported, only accounts for less than 2% of the whole altcoin market capitalization.

Another way that Wright has been getting some attention lately is in his claims that he is the “real Satoshi,” referring to the pseudonymous creator of Bitcoin and the Bitcoin whitepaper. No sooner than his proclamation was made public, WikiLeaks jumped on, and the two quickly got into a spat. Though Right called the website a “fake news cesspool,” WikiLeaks bounced back with their own rundown of exactly what makes Wright wrong. They even provided proof that Wright has edited a post from 2008 to make it look like he had come up with the idea.

Still, it does not look like this has swayed Twitter users from believing Wright’s prediction for altcoins.

One user, Enrico Rusticali, said,

“Lower markets prices have triggered rumblings of discord and internal stress in the various foundations. Rumors abound. Fiscal discipline does not go hand in hand with easy money schemes. I agree on the timeline.”

Another user, Paul P.H. Madore, contributed an important point, saying,

“Someone has said this everyday since 2014. Bitcoin maximalists insist on it. They still aren’t right.”

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