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Vays shorts Bitcoin after pump, wants to see altcoins die first

Vays shorts Bitcoin after pump, wants to see altcoins die first

Bitcoin maximalist and altcoin pessimist Tone Vays thinks the bear market has not ended yet, and even shorted Bitcoin after the pump earlier this week. Vays says that he keeps comparing this period in the cryptocurrency market with the dotcom bubble. 
In an interview with BloxLive TV, Vays discussed the market saying that he sold Bitcoin at a 'nice price' in the pump. 'And I actually went short on Bitcoin', the trader added. 'Because I do think this move is coming to an end. I don't think the bear market has ended. I have been waiting for this pullback. Maybe it will go higher, maybe the bear market has ended, but I saw a good low-risk opportunity to make some more profit from shorting Bitcoin, and I already did.'

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Vays predicts it might take a long, very long time for Bitcoin to gain significantly again. He compares this period with the dotcom bubble market, and states that Bitcoin needs to 'separate from all the other altcoins', before it can go to the 'next level'. 'I keep comparing the current drop in the price of Bitcoin and the current market with the dotcom bubble market. The Nasdaq topped in 2000 with a valuation of 5000 points. It did not reach 5000 points again until 2015. That's 15 years of internet improvement. We have smartphones for half that time, yet the valuation of the companies using the internet still did not break the all-time-high, not even counting for inflation.'

'Bitcoin needs to separate'
'To me that's what I'm looking for. To me, Bitcoin needs to separate from all the other altcoins, from all the ICOs, from all the other things that people think are blockchains but are just centralized companies. And when I see that, that's when I know we're finally ready to go up.'

Until then, bear market remains, Vays thinks. 'So this is why the bear market is still going to be with us. And it doesn't take away from all the technology that's happening under the hood. Bitcoin can be a thousand times stronger fundamentally, and still be at a lower valuation until people realize that Bitcoin is the real innovation. So I'm looking for that separation of Bitcoin versus all other digital assets. When Bitcoin starts to go up while everything else continues to go down, that's when I'm finally going to be insanely happy about the technology and that's when Bitcoin finally can go to the next level.'

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