I felt like seeing a movie and opened my streaming app (Netflix) to make a selection of a movie to see and I became confused which to select because of the many choices that I saw. I immediately had this thought that it is the same way people who have the interest of investing in cryptocurrency become confused the one to invest in when they find out that there is bitcoin and many other altcoins. Many people become confused and make mistakes because of the many options they have in cryptocurrency, they fail to invest in bitcoins because they think that there are many other very good options. Do you agree that more people will choose to invest in bitcoins if there were not so many cryptocurrency choices although not all are good?
This is a difficult question....
On the one hand, indeed, if there were not such a huge number of different alternative cryptocurrencies, tokens and NFTs, then people could invest more money in bitcoin.
On the other hand, it is precisely the huge number of different crypto assets that leads to the fact that each crypto enthusiast finds among them exactly the asset that he is interested in studying and in which he wants to invest.
At the same time, in the long term, the price of all alternative crypto assets decreases. Their capitalization is transformed into the capitalization of bitcoin.
In addition, various alternative cryptocurrencies serve as experimental laboratories for testing various technologies that will later be implemented in the Bitcoin code.