Brad Garlingouse, CEO of blockchain firm Ripple, predicts that thousands of cryptocurrencies will crash. He revealed this in an interview at the World Economic Forum Annual Meeting 2022, which was held in Davos, Switzerland between May 23rd to May 26th.
Garlinghouse is doubtful about crypto survive
There are 19,719 cryptocurrencies, according to statistics. Garlinghouse, on the other hand, is doubtful that all of them will survive the test of time.
Garlinghouse stated;
“One of the consequences of what happened last week with the Terra incident is that there are simply too many blockchains and tokens out there.” And this poses certain concerns to users. At the introduction of the internet, there were many dotcom enterprises, many of which were frauds and brought no value, and all of this was cleared up. And today we have highly valuable and legitimate firms.”
The Ripple CEO remarked that he still believes that many cryptocurrencies will be there for many years to come. He said;
“I’m not sure we require 19,000 new currencies today.” There are around 180 currencies in the fiat world.”
Since there are thousands of cryptocurrencies, many of them are based on popular blockchains like Ethereum, BNB Chain, Cardano, and Solana.
Garlinghouse and other leaders are also concerned
Garlinghouse is also not the only industry leader who has concerns about cryptocurrency. According to Guggenheim Chief Investment Officer Scott Minerd, most cryptocurrencies are worthless and will fail in the end.
Brett Harrison, CEO of bitcoin exchange FTX US, noted that the hundreds of existing blockchains may not all continue. He said;
“Whenever you consider about blockchains, I don’t think there will be hundreds of various blockchains in 10 years. I believe there will be a few of obvious winners for different types of applications.” And we’ll see what happens in the market, it will figure out over the time.”
