Experts Suggest Merely Tokens Might Survive after LUNA's Collapse
With the current drastic plunge, investors have been concerned about the future of cryptocurrencies. Several industry experts had a recent conversation with CNBC media where they tried to explain the outlook of the crypto market. Most market experts agree that many of the currently existing 19,000 cryptocurrencies and dozens of blockchain platforms will disappear in the coming years. While Scott Minerd, Guggenheims Chief Investment Officer, admitted that most cryptocurrencies are junk, he suggested Bitcoin and Ethereum would survive. Brad Garlinghouse, CEO of cross-border blockchain payments company Ripple, mentioned that there would likely be mere “scores” of cryptos that remain in the future. “I think theres a question about whether or not we need 19,000 new currencies today. In the fiat world, there are maybe 180 currencies,” the executive said. Bertrand Perez, CEO of the Web3 Foundation, pointed out that the recent fall in the prices indicated a huge drawback to the market. The collapse of “stablecoin” called TerraUSD and associated digital token Luna, rejuvenated discussion of whether thousands of cryptocurrencies in existence will all survive. “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