By CCN.com: One of crypto’s biggest venture capital firms is going all in on bitcoin. Heisenberg Capital says it is “doubling down on Bitcoin Maximalism with new capital,” while sounding the death knell for altcoins.
We see the market rejecting everything, except BTC.
This has been our dominant investing thesis since 2011.
We’re doubling down on Bitcoin Maximalism with new capital.
As BTC climbs toward our 2011 target of $100,000, we believe everything except BTC will die-off.
— Heisenberg Capital (@HeisenbergCap) May 5, 2019
In the same tweet, Heisenberg Capital reaffirmed its $100,000 price target on bitcoin, a 1,664 percent premium on today’s bitcoin price.
“Everything except BTC Will Die off”
The fund, which has financed some of the biggest crypto startups included Kraken, Bitfinex, and ShapeShift, predicts there’s no future altcoins. Ethereum, XRP, and this year’s best-performing alt-coin BNB, it says, will be rejected by the market.
Heisenberg founders Max Keiser and Stacey Herbert claim their bitcoin maximalism is a long-held philosophy. Now, that concept will be the sole driving force behind their investment decisions.
— Max Keiser, tweet poet. (@maxkeiser) May 4, 2019
Per Keiser’s tweet above, he believes bitcoin will decouple from alt coins and increase its dominance.
Bitcoin Price Will Rage to $100,000
Heisenberg also took the opportunity to double down on its optimistic bitcoin price target of $100,00.
Keiser says the bullish surge to $100k will be driven by a supply shock. Bitcoin’s capped supply of 21 million will inevitably trigger a gold rush as supply diminishes.
Max Keiser: $28,000 for BTC and then a supply shock as price gaps to $100,000 | Bitcoin Price Predictions: From Zero to a Million – What do the Experts Think? https://t.co/ApAgPiNFAo
— Max Keiser, tweet poet. (@maxkeiser) October 21, 2018
This theory may be tested in May 2020 when the bitcoin output will be halved. Historically this four-year “halving” triggers a huge run-up in prices which begins a year in advance.
If Keiser is right, that’s a 1,664 percent gain from today’s price ($5,668 at the time of writing). Keiser also holds a shorter-term prediction of $28,000.
Bitcoin Dominance? Not Everyone Agrees
Heisenberg’s tweet triggered a strong response from those quick to disagree. One commenter pointed out that alt coins drove the 2017 rally, with bitcoin falling outside the top-ten performers.
There's more than one "Everything" & there will be more than 1 cryptocurrency. pic.twitter.com/El4fW4bT6C
— Sergio Bowers (@SergioBowers1) May 6, 2019
Other rejectors compared it to the market for tech companies: “That’s like saying everything but Google.com will die off.”
That’s like saying everything but Google . com will die off.
In regards to the largest crypto use case; international money xfer, BTC will take as long as SWIFT once volume picks up.
— 🇺🇸TheRippening🇧🇬 (@The_Rippening) May 5, 2019
The stance also seems at odds with what’s known as “altcoin season,” a period in which altcoins surge in value before a wider crypto market bull run.
What about Heisenberg’s Investments?
The fund’s prediction that “everything except bitcoin will die off” seems somewhat strange given some of the firm’s investments. One of its biggest-name investments is ShapeShift – an exchange designed to exchange between bitcoin and altcoins.
The firm has also invested directly in alternative blockchain projects including Storj, Startcoin, and EOS.fish.
It looks like Heisenberg will pivot away from any altcoin investments in the future and focus solely on bitcoin going forward.