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Experts forecast future of cryptocurrency
(MENAFN) Numerous industry experts told CNBC that many of the presently existent 19,000 cryptocurrencies would vanish in the future years, comparing the market to the early dotcom days. According to the Friday article, several blockchain platforms would also stop existing.
The downfall of the algorithmic stablecoin TerraUSD and its accompanying digital token, Luna, was cited by experts.
According to Bertrand Perez, CEO of the Web3 Foundation, “One of the effects of what we’ve seen last week with the Terra issue is we’re at the stage where basically there are far too many blockchains out there, too many tokens. And that’s confusing users. And that’s also bringing some risks for the users.”
“Like at the beginning of the internet, you were having lots of dotcom companies and lots of them were scams, and were not bringing any value and all that got cleared. And now we have very useful and legit companies,” he added.
As shown by Brad Garlinghouse, CEO of cross-border blockchain payments business Ripple, "scores" of cryptocurrencies will certainly survive in the future.
Garlinghouse stated that “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.”
The downfall of the algorithmic stablecoin TerraUSD and its accompanying digital token, Luna, was cited by experts.
According to Bertrand Perez, CEO of the Web3 Foundation, “One of the effects of what we’ve seen last week with the Terra issue is we’re at the stage where basically there are far too many blockchains out there, too many tokens. And that’s confusing users. And that’s also bringing some risks for the users.”
“Like at the beginning of the internet, you were having lots of dotcom companies and lots of them were scams, and were not bringing any value and all that got cleared. And now we have very useful and legit companies,” he added.
As shown by Brad Garlinghouse, CEO of cross-border blockchain payments business Ripple, "scores" of cryptocurrencies will certainly survive in the future.
Garlinghouse stated that “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.”
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