Recently, 21-year-old Mason Versluis, on his TikTok page with 500,000 followers, where he shared tips about crypto and the markets, explained how he chose which cryptocurrency to invest in and the reasons why. Versluis said he would like to see Bitcoin (BTC) “kadollarged” as other cryptocurrencies have far more real use cases.
“Function” could push Bitcoin (BTC) to second place
Bitcoin is the largest cryptocurrency by market capitalization and has not been surpassed by any alternative since its first day. But according to TikTok phenomenon Mason Versluis, with real-life implementations of altcoin projects, Bitcoin could be dethroned sooner or later. Versluis, who has been trading crypto since the age of 15, recently made the following statements to Insider:
The psychological aspect of Bitcoin always being number one and king may be gone. So, when I say “cadollarize Bitcoin (BTC),” I want something to get past that and we’ll see what happens after that.
Cryptocoin. com, Bitcoin has a market value of approximately $800 billion according to CoinMarketCap data and constitutes 41.55% of the total market value of $1.9 trillion. It has grown by almost 350% in the past year, but according to Versluis, more value is hidden in other altcoin projects:
My dad actually told me about XRP when I was 17, and I’ve been in the business ever since. I’m one of those people who thinks XRP is a “better Bitcoin”. And it actually solves the payment problem better than Bitcoin can or does not do at all.
Mason Versluis said he was an HODLer
Ripple Lab’s XRP token is the cryptocurrency of one of the fastest and cheapest payment systems used by banks. Considering how slow Bitcoin is for payments, we can say that XRP is better. XRP is currently the sixth largest altcoin by market cap and has managed to keep up with Bitcoin, growing 320% in just one year. ETH, the token of the leading altcoin Ethereum, accounts for 20% of its total market. Also, according to Bitcoin, its ability to run DeFi, smart contracts, and other protocols could host more developers and apps, while helping it bring its earnings to 800% this year. On this subject, TikTok phenomenon Versluis said:
There should be use cases, namely: this token does nothing? Am I buying this token just because I think its value will increase? I personally invest in it, just because of the potential – they actually do something. There are many decentralized applications built on top of Ethereum.
When it comes to taking positions in a cryptocurrency, Versluis says he is not a day trader:
It’s a lot of stress, you have to watch the markets at your computer. I’ll see an opportunity, put in some money, and wait on that rocket until I think it’s time to sell. I sell from it and switch to a stablecoin like USDT or USDC. And then, I just make a profit and then reinvest some of that into my main portfolio. So this is a slow process.
Mason Versluis says he is not against regulations
As a relatively young trader who says part of his passion for crypto is its decentralized, free nature, the question arises of what Versluis thinks about the regulations in this market. Unlike many crypto fans, Versluis says he’s not against it. But he believes that any rule should adapt to the reality of the crypto market and that one size does not fit all:
This is a digital world. And we’re just going to be more digital and more virtual. They can’t take the old system, the laws, and throw it into crypto. Useless. So, what comes of this is a whole new way of looking at these tokens.