The CIO also said that most crypto is “junk” but that bitcoin and ethereum will survive.
“Most of these currencies, they’re not currencies, they’re junk,” he said.
Even so, he said, “I don’t think we’ve seen the dominant player in crypto yet.”
Minerd compared the current situation to the dotcom bubble of the early 2000s.
“If we were sitting here in the internet bubble, we would be talking about how Yahoo and America Online were the great winners,” he said. “Everything else, we couldn’t tell you if Amazon or Pets.com was going to be the winner.”
“I don’t think we have had the right prototype yet for crypto,” he said, saying that currency needs to store value, be a medium of exchange and unit of account.
“None of these things pass, they don’t even pass on one basis,” he said. Minerd added that additional technological advances could change that and help create an ecosystem where people get used to using cryptocurrencies for transactions and are confident they will hold their value.
Minerd’s comments came after European Central Bank President Christine Lagarde said cryptocurrencies are “worth nothing.”
