Brad Garlinghouse, CEO of cross-border blockchain payments company Ripple, said there is likely to be “scores” of cryptocurrencies that remain in the future.
“I think there’s a question about whether or not we need 19,000 new currencies today. In the fiat world, there’s maybe 180 currencies,” Garlinghouse said.
Guggenheim Chief Investment Officer Scott Minerd added further pessimism last week when he said that most crypto is “junk” but that bitcoin and ethereum would survive.
The comments came as the crypto market continues to suffer major losses. Bitcoin is 50% below its November all-time high, with most other digital coins losing approximately 80% of their value.
Blockchain platforms such as Ethereum to Solana are competing for a leadership position in the industry. But Brett Harrison, CEO of cryptocurrency exchange FTX U.S., said the hundreds currently in existence will not all survive.
“When you think about the blockchains … there probably won’t be hundreds of different blockchains in 10 years, I think there’ll be a couple of clear winners for different kinds of applications,” Harrison said.
