Famous Executive: This Altcoin Will Beat Bitcoin and Become King!

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A 20-year-old cryptocurrency market maker, who gave up his college education, outlines why he sees Bitcoin as the “king cryptocurrency” instead of the pioneering altcoin Ethereum. Matthew Tweed runs his crypto company from his parents’ home in the suburbs outside of London. Tweed, 20, said that “about 90%” of his conversations about crypto take place on Reddit. Tweed supports Ether, which he thinks will eventually replace Bitcoin because of its technological advantages.

Pioneering altcoin will also be king of crypto

Matthew Tweed learned his first valuable lesson about cryptocurrency six years ago, when he was just 14 years old. “I started investing in crypto because I found an interesting token to be for online markets and I switched from that to Bitcoin,” Tweed said. “I can’t remember the name of the project, but it showed me that there are a lot of great projects, but a lot of projects don’t work,” the manager continued. Tweed now runs his company, Pine Financial, from his family home in Woking, a medium-sized suburban town 25 minutes from London. He believes 100% annual gains are possible in this area of ​​cryptocurrency trading.

Low latency or market maker trading refers to the use of algorithmic trading to increase profitability. Tweed’s bots trade on crypto exchanges like Deribit. “I managed to get into the market-making space without eight figures behind me, but it’s not very accessible,” Tweed said. The entrepreneur also believes that you need to spend a lot of time to be competitive. Tweed spent a significant amount of this time on Reddit. He said his first break in market maker trades came from interacting with another user on the social networking site. Referring to a 1.2 million-user Reddit forum focused on quantitative trading and automated strategies, Tweed said:

I entered low latency trading at the end of 2018. This came from someone I met on Reddit – to be honest, 90% of what I do and the people I meet came from various sub-reddits of the algo-commerce. I frequently r/algotrading for most of my work. Certain subreddits are fine, but there isn’t a lot of good content in places like r/crypto, so I’m barely looking.

University education was not attractive

Tweed embarked on a career in algorithmic computing as his classmates began applying to college. For him, the appeal of a formal education was limited given his success in cryptocurrency trading. Regarding which cryptos he likes the most, Tweed said he believes the cutting-edge technological capabilities of the Ethereum network will enable the Ether token to overtake Bitcoin. He said on the subject:

Ethereum will be much more scalable – this should pave the way for much better applications so you can have a decent smart contract based decentralized system. You can never build smart exchanges on top of Bitcoin – there is no platform for that. In the long run, I think the leading altcoin Ethereum has a good chance of becoming the king cryptocurrency.

Ether has been volatile this year, rising nearly 10% to $3,140 since the implementation of the “London hard fork” upgrade. According to Tweed, Ethereum 2.0 will be great for scalability in the crypto space. He also argued that while many smart contract platforms claim to scale better than Ethereum, they are often excessively centralized or engaged in other fundamental exchanges that defeat the purpose of crypto. However, despite his own success as a relative outsider, Tweed said investors should be cautious before throwing themselves into the cryptocurrency space. The entrepreneur said:

Cryptocurrency is quite small and requires expertise. There are many ways individual investors can lose money. Regulators need to know about the industry, but overall, I’m in favor of stock market regulation, risk disclosures and education to protect individual investors.

Tweed cited “sh*tcoins” like the highly volatile Dogecoin as an example of an area where individual investors could potentially lose money without tighter regulation. Tweed said, “[Sh*tcoins] are fun and I enjoy watching them, but I don’t invest in or hold them. “The price may rise in the short term, but there is no reason for it to rise in the long term,” he said.