One analyst says altcoins are riding on Bitcoin’s success

Bitcoin advocate Pierre Rochard has launched a sharp attack on altcoins, saying they are riding the Bitcoin wave and that U.S. federal policy should focus solely on Bitcoin, sparking new controversy in the digital currency community.

His comments came as Bitcoin prices fell below $75,000 as economic pressure and regulatory ambiguity in Washington triggered a broad wave of selling.

On February 3, he was in “

Meanwhile, Bitcoin has fallen about 11% in a week, and companies that hold Bitcoin have seen their earnings shrink.

Strategic Buying and Yield Erosion:

On February 2, Strategy (the largest Bitcoin holder) announced the purchase of 855 Bitcoins for $75.3 million.

As prices continue to fall, unrealized gains have shrunk to less than $3 billion from nearly $8 billion last week, while the crypto market has lost about $500 billion since the end of January.

Rothhard also said the current political focus is untimely, especially as White House discussions focus on issues such as regulating stable currency returns amid pending legislation such as the CLARIFICATION Act.

He commented that the priority should be Bitcoin and strategic reserves, not stablecoin returns.

All in all, the debate reflects the traditional divide between the maximizing approach to Bitcoin and the rest of the crypto ecosystem, and comes at a sensitive time, with a wave of declines in the market that includes multiple assets.

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Bitmine, a company that invested in Ethereum, suffered a book loss of more than $6.9 billion