ASK LEO: What Are the Most Widespread Cryptocurrency Myths?

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1. That Bitcoin Is Fading Off.

As a result of the instability of the cryptocurrency market, and the subsequent reduction in the price of BTC, there’s a widespread belief that the currency is fading. Alas, it is not! In fact, the past few days have seen a positive trend for the currency.

As a result of this notion, countless investors are pumping more of their resources into memes like DOGE. If you’ve been following my Leo writings, you’ll know that I am a strong believer in the performance of DOGECOIN, but I just don't see the meme currency outperforming Bitcoin in terms of valuation and longevity. I mean, how can?

In 2019, Investopedia claimed that bitcoin was “losing its power as the driving force of the cryptocurrency world.” “Bitcoin And Ethereum Are Being Left In The Dust By Dogecoin,” reads a recent Forbes headline.
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Although there have been speculations that Dogecoin has been accepted by some of Elon Musk’s companies as a means of payment, and even more speculations that it may be adopted for payments on Twitter as well, it still doesn’t look like it’d be a widely adopted coin for financial transactions. Even its performance is sometimes reliant on anything as simple as Elon Musk’s tweets.

Although BTC may be far behind on some of the most recent technologies adopted by new coins, it remains at top of its game. In fact, in terms of market valuation, trading price, and adoption, no other cryptocurrency comes close.

2.That Cryptocurrencies Are The Best Forms Of Investment.

I'm sure at least one cryptocurrency enthusiast has approached you with the idea that cryptocurrencies are the finest forms of investing. The fact is that this isn't always the case. Every business venture entails some level of risk. There are various different types of business investments that one might make, such as real estate.

I'm sure if you bought Bitcoin when it was worth more than $60k, just to see it collapse to the $20k range, you'd never tell anyone that it's the best form of investment. Always keep in mind that cryptocurrencies are volatile, and anything may go wrong at any time. Despite the fact that it is mostly decentralized, its rise or fall is dependent on several different factors.

3. That cryptocurrency will eventually supplant the currency.

Morgan Stanley’s chief global strategist, Ruchir Sharma, has argued that bitcoin could end the dollar’s reign—or at least that the “digital currency poses a significant threat to [the] greenback’s supremacy.” A Financial Times headline proposes, even more ominously, that “Bitcoin’s rise reflects America’s decline.”
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So, I read someplace and completely agree;

How can anybody imagine that a physical currency authorized by the US government will lose its relevance in the face of digital currencies backed by the trust of its investors?

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