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The CEO of Bitcoin Bond Company and host of the podcast Bitcoin for Corporations, Pierre Rochard, referred to altcoins as “bravado and clownery,” urging U.S. authorities to concentrate solely on the advancement of Bitcoin.
Rochard contends that all other cryptocurrencies merely follow the lead of Bitcoin, lacking intrinsic value. The Bitcoin advocate proposed a plan to U.S. officials aimed at initiating a BTC bull run: establishing a strategic government reserve of bitcoins, accumulating the leading cryptocurrency by the Federal Reserve System (FRS), and exempting Bitcoin transactions from taxation. According to the CEO of Bitcoin Bond, Bitcoin should not be classified as a foreign currency, thus it ought to be tax-exempt.
“I do not wish to hear a single word about altcoins, cryptocurrencies, the Web3 sector, blockchain, non-fungible tokens (NFTs), initial coin offerings (ICOs), or coins like XRP, ETH, and ADA, regardless of how foolish and clownish they may be,” Rochard stated on social media platform X.
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The Bitcoin maximalist made his declaration following a decline in the leading cryptocurrency below $75,000 amid global economic uncertainty and unclear regulatory policies regarding cryptocurrencies in the U.S. On February 2, representatives from major crypto firms and traditional banks unsuccessfully sought to resolve disagreements with lawmakers at the White House concerning stablecoins and interest payments from token issuers. These disagreements have delayed the passage of the CLARITY bill, which aims to delineate the powers of financial regulators overseeing cryptocurrencies.
Over the past week, Bitcoin has decreased by 14.2% and is currently trading at approximately $76,000. The daily trading volume has risen by 16.5% to $67.43 billion, while Bitcoin’s market capitalization now stands at $1.5 trillion.
Previously, Rochard asserted that Ethereum has no chance of surpassing Bitcoin in market capitalization due to Bitcoin’s robust network security mechanisms. In Rochard’s view, altcoins will not be salvaged even by the emerging asset tokenization sector.
