- Max Keiser dismisses altcoins like ETH, ADA, SOL, and XRP as “centralized garbage.”
- Bill Morgan counters, citing U.S. court rulings that distinguish assets from transactions.
- The debate reflects growing divisions in the crypto community over altcoin legitimacy.
Crypto lawyer Bill Morgan has rebutted Max Keiser’s statements dismissing altcoins as failed projects destined for doom.
In a post on X, the Bitcoin maximalist slammed popular altcoins like Ethereum (ETH), Cardano (ADA), Solana (SOL), and XRP, calling them “centralized garbage” headed for failure.
“ETH is centralized garbage that will continue heading to zero against Bitcoin. Same for ADA, SOL, XRP, and 20,000 other shitcoins,” Keiser stated.
Keiser, a staunch Bitcoin supporter, has long been critical of altcoins, predicting their eventual downfall. The Bitcoin advisor also claimed any cryptocurrency that is not BTC is a worthless security. He added that Bitcoin is the only truly decentralized and secure cryptocurrency.
Last year, Keiser predicted XRP would hit $0, calling it a “dogsh**” project created by Ripple’s CEO Brad Garlinghouse to scam people out of billions. He also predicted SOL would crash due to his negative views on non-Bitcoin assets. However, some market participants, including Morgan, have refuted Keiser’s statements.
“Max may not like it, but no matter how much he rants, Bitcoin’s historical advantage of been the first and its regulatory clarity head start will not last forever and is being gradually chipped away by these US court decisions,” he stated.
Morgan pointed out that recent court decisions, like in the SEC v. Paward Inc. (Kraken) case, increasingly distinguishing between assets and their sale transactions. He referenced a statement by Judge Orrick, who compared cryptocurrencies to “orange groves,” stressing that neither should automatically be classified as securities.
With ongoing debates on altcoin classifications, Keiser’s stance highlights the growing divide in the crypto world. As the SEC continues to figure out how to categorize altcoins as securities or commodities, Keiser firmly believes that Bitcoin is the only cryptocurrency with a future.
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