The cryptocurrency market has extra than 19,000 cash and tokens for the time being.
Brad Garlingouse, the CEO of blockchain firm Ripple, believes that hundreds of cryptocurrencies will collapse.
Per records purchased from Coinmarketcap, there are 19,719 cryptocurrencies for the time being. On the opposite hand, Garlinghouse doesn’t imagine all of them would stand the test of them.
He mentioned this at some stage in an interview with CNBC on the not too lengthy within the past concluded World Economic Forum in Davos. Garlinghouse mentioned;
“Indisputably one of the fundamental effects of what we’ve seen final week with the Terra area is we’re on the stage the place apart most often there are some distance too many blockchains obtainable, too many tokens. And that’s advanced users. And that’s also bringing some risks for the users. Fancy on the muse of the web, you had been having a entire bunch dotcom companies and a entire bunch them had been scams, and weren’t bringing any ticket and all that purchased cleared. And now we have got very purposeful and legit companies.”
The Ripple CEO mentioned that he composed believes a large different of cryptocurrencies would perhaps be around for years but to come. He mentioned;
“I judge there’s a place a question to about whether or not or not we need 19,000 unusual currencies this day. In the fiat world, there’s presumably 180 currencies.”
Even supposing there are hundreds of cryptocurrencies, a large different of them are built on a couple of of the main blockchains including Ethereum, BNB Chain, Cardano and Solana.
Garlinghouse isn’t the finest industry government to feel this type of plan relating to cryptocurrencies. Guggenheim Chief Funding Officer Scott Minerd mentioned most cryptocurrencies are junk and obtained’t continue to exist within the quit.
Brett Harrison, CEO of cryptocurrency commerce FTX U.S added that hundreds of blockchains for the time being in existence will not all continue to exist. He mentioned;
“Must you imagine about the blockchains … there presumably obtained’t be hundreds of utterly different blockchains in 10 years, I judge there’ll be a couple of determined winners for utterly different forms of functions. And we’ll look the market … kind that out over time.”
The crypto market has been in a bearish pattern for the past few months, with costs down by extra than 50%.
