Why Bitcoin maximalists are correct
Now before I explain why "Bitcoin Maximalists" are correct, here is a quote from Investopedia:
"What Is a Bitcoin Maximalism? Bitcoin maximalists believe that Bitcoin, which is the world's most popular cryptocurrency, is the only digital asset that will be needed in the future. Maximalists believe that all other digital currencies are inferior to Bitcoin."
To round it up quite simply, the patron saint of Bitcoin once said "Mortgage your house and buy Bitcoin"
While I would never suggest to sell what may be your only legacy asset for a digital one, I can agree with the assessment that the only asset that should be focused on is Bitcoin. The maximalists are correct when they say Bitcoin is the only coin needed in the future because the original vision of Bitcoin was to be a secure decentralized Peer 2 peer system of exchange of currency. Not peer 2 business or peer 2 corporation.
Now, after the birth of Ethereum, the foundation of the original vision remains in tact but the motives have widely and wildly broadened from humanitarian purposes to nefarious greed. There is no way to control the growth of crypto, the dangers brewing in the market won't be detected until the bomb has detonated.
The expansion of Crypto Currency has lead to less secure infrastructure in the crypto space. There is less certainty in the crypto market. The hail thunder storm of coins that have that have exploded the crypto space during the ICO age of 2018 has made the crypto market more confusing, less confident in security. The confusion has led to Bitcoin being synonymous with all other crypto in the minds of outsiders. Even if the technology is fundamentally different, people will still think Bitcoin is the same as Ethereum, Litecoin or even Shiba Inu.
The Bitcoin network may not be perfect but it's dependable, reliable and secure. To much fear, uncertainty and doubt has held mass adoption back since the bear market almost wiped out the ICO era of 2018. If we all only depended on Bitcoin, many of the scams, and hacks would be completely minimized.
The best point is saved for last, the Bitcoin maximalist is correct because alt coins have led money out of the Bitcoin market. The current market cap of crypto currency on 2022-08-17 is at 1.139 TRILLION and Bitcoin dominance is 39.95% = 455.5 Billion. At the current price of $23,799 BTC means Bitcoin would be $59,497 during this bear market!