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Bitcoin is increasingly being treated as “digital gold” by institutional investors, while altcoins are losing appeal, according to industry insiders.
In an Apr. 28 CNBC interview, Mark Wong, Head of Trading at Independent Reserve, said Bitcoin’s core strength is scarcity.
Wong argued that altcoins often move in cycles driven by changing market themes rather than sustained institutional conviction. He also noted a shift in investor preference toward more established, utility-driven projects, contrasting with demand for speculative meme coins.
Wong compared the Bitcoin versus speculative meme coin dynamic to the difference between blue-chip stocks and high-risk penny stocks—where the former is associated with greater stability and the latter with higher but uncertain returns.
He described the broader crypto industry as cyclical, saying capital and talent are currently flowing toward sectors such as artificial intelligence. Wong added that he expects this trend to reverse during the next Bitcoin halving cycle, which historically has been associated with renewed market momentum and price recoveries.
Wong also said the “sandwich class” (middle-income investors) is increasingly viewing Bitcoin as a long-term wealth-building tool. He described its use as a hedge against inflation and currency depreciation rather than a vehicle for short-term speculation.
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