Expect Several Cryptocurrencies to Collapse, Say Industry Insiders

The number of cryptocurrency insiders are proclaiming impending doom for a number of cryptocurrency tokens. Their estimations put the collapse within a few years, and that could mean the end of even some notable, major cryptos.

What Was Said

The World Economic Forum was held In Switzerland last week, and Bertrand Perez of Web3 Foundation said that users are confused by the number of blockchains out there. “There are far too many blockchains,” he said, and it is affecting the crypto market.

With more than 19,000 crypto tokens to choose from, he’s not exaggerating. We have seen many cryptos skyrocket in their first weeks and then drop off the map almost completely. The developers behind some of the newer cryptos are struggling to get anyone to notice their tokens, and there have been numerous accounts of crypto whales and artificial inflation happening as a means to boost the numbers and get low ranked cryptos noticed.

There might not be many crypto tokens left in the near future, according to Ripple’s CEO Brad Garlinghouse. He said that the number of total cryptos could be reduced to just scores. He commented that maybe only 180 are really necessary.

Another insider, Scot Minerd, who is the CIO of Guggenheim, said that the majority of crypto tokens can be classified as junk. He expects Ethereum and Bitcoin to survive, but beyond that, he isn’t hopeful.

We Have Heard This before

These industry insiders are echoing a lot of what the European Central Bank President Christine Lagarde said only weeks ago. She called crypto practically worthless in her comments to a Dutch talk show.

Lagarde brought up market crashes and huge losses for crypto investors to back up her assessment. These have been thorns in the side for anyone who has been a crypto supporter, but then you also have cases where people have earned millions playing the crypto investment game.

Today, Bitcoin’s trade volume exceeded $27 billion, with Ethereum raking in more than $15 billion. Even if crypto is going away or going to become greatly reduced in the future, it’s a very active market at the moment with a lot of potential left in it.